Bitcoin soars past $109,000, anticipating Trump’s impact

Bitcoin has skyrocketed to a historic high, surpassing $109,000 ahead of Donald Trump’s inauguration as the US president. The world’s largest cryptocurrency hit an all-time peak of $109,241 before slightly retracting to around $107,500. This surge in Bitcoin’s value follows a trend that began after Trump’s victory in the presidential election, leading to Bitcoin surpassing $100,000 for the first time in early December.

Trump’s plans to appoint cryptocurrency supporter Paul Atkins to head the US securities regulator have created a sense of optimism in the cryptocurrency sector. Despite previously referring to cryptocurrencies as a “scam,” Trump has shifted his stance and championed them during his election campaign. Upon Bitcoin exceeding the $100,000 mark, Trump expressed his congratulations on the Truth Social platform, stating, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Over the weekend, Trump introduced his own cryptocurrency, $TRUMP, a meme coin that quickly gained popularity and witnessed its market capitalization soar to several billion dollars. Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, highlighted that while there is optimism around Trump’s pro-growth and deregulation policies benefiting the US economy, concerns remain regarding potential inflation due to tariff policies.

The $TRUMP meme coin, designed to capitalize on popular personalities or movements, was unveiled by Trump on his Truth Social platform and X, linked to Elon Musk. Cryptocurrencies, from Bitcoin to various altcoins, have dominated headlines since their inception, with the rise of industry giants like the FTX exchange and the continuous volatility in the market.

Bitcoin’s origins trace back to 2008 when it was introduced by an individual or group under the pseudonym Satoshi Nakamoto. The concept behind Bitcoin aimed to revolutionize transactions by establishing a decentralized platform independent of traditional financial institutions. Miners validate these transactions on a tamper-proof register, known as the blockchain, and are rewarded with newly minted Bitcoins for their efforts.

While Bitcoin has been viewed as a tool for untraceable payments on the dark web and facilitating money laundering and ransomware attacks, it has also faced scrutiny for its role in criminal activities. As the cryptocurrency market continues to evolve, Trump’s presidency and his embrace of cryptocurrencies have set the stage for further growth and development within the industry.