Bitcoin surged toward the symbolic $100,000 mark on Thursday, bolstered by President-elect Donald Trump’s unexpectedly strong support for cryptocurrency, suggesting a shift in U.S. policy towards more favorable regulation. Bitcoin jumped as much as 3.6% to an all-time high of $97,892 before settling below $97,000 as of 8:40 a.m. in London. Since Trump’s November 5 election win, the cryptocurrency market has added approximately $900 billion in value.
The president-elect’s transition team has reportedly started discussing the creation of a White House role focused on digital asset policy, a move being advocated for by the crypto industry. If established, it would mark the first time a U.S. president has appointed an official dedicated to cryptocurrency, signaling Trump’s transformation into one of crypto’s key proponents.
Trump 2024 Bitcoin
The market’s recent upswing is also fueled by several major industry developments. MicroStrategy Inc., a leading Bitcoin corporate investor, announced it would ramp up its Bitcoin purchases, while options have launched for U.S.-based Bitcoin exchange-traded funds.
Analysts and investors are watching closely for Bitcoin to cross the $100,000 threshold, a milestone that proponents see as reinforcing its status as a modern store of value. “There’s an undeniable momentum as buyers dominate,” noted Tony Sycamore, market analyst at IG Australia Pty. “Although it may not be a smooth ascent, demand is currently overwhelming any selling pressure.”
Adding to the momentum, MicroStrategy revealed an increase in planned sales of convertible senior notes to $2.6 billion, with the intent to use the funds for further Bitcoin acquisitions. The company, which began as a software firm, now boasts a Bitcoin stockpile worth around $31 billion, positioning itself as a major player in digital asset holdings.
Since Election Day, U.S. Bitcoin-focused ETFs have seen an inflow of $5.8 billion, according to Bloomberg data, pushing the group’s total assets to a historic $100 billion. Caroline Mauron, co-founder of Orbit Markets, describes $100,000 as a “psychological landmark” for Bitcoin, noting that current option trading activity suggests heightened market volatility ahead.
Leave a Reply