- Bitcoin’s new high surpasses its previous all-time high of $108,000 reached in December
- President-elect Donald Trump was once critical of Bitcoin, claiming it seemed “like a scam”
- On the eve of his inauguration, Trump and Melania Trump launched their memecoins
Bitcoin soared to new heights, hitting over $109,000 ahead of President-elect Donald Trump’s inauguration.
The number one crypto asset reached its all-time high on January 20 as market sentiment remains optimistic about Trump’s plans for the crypto industry. The new high surpasses its previous record of more than $108,000 achieved in December.
Data from TradingView shows Bitcoin topped $109,036 around 6:55 am before dropping to $107,000 a few minutes later.
Trump mentioned Bitcoin in a Sunday speech, highlighting its record performance since the US election.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high,” Trump said. “Bitcoin has shattered one record high after another.”
Support for crypto
Once critical of Bitcoin who said that it “seems like a scam” a few years ago, Trump has since embraced crypto, showing his support for it during his presidential election.
During his campaign trail, he vowed to make the US the “crypto capital” of the world and has appointed several crypto-friendly candidates into his incoming administration. Some familiar names include Paul Atkins as the next US Securities and Exchange Commission (SEC) chair and crypto czar David Sacks.
Trump is also expected to sign an executive order prioritizing crypto when he enters the White House today.
On the eve of Trump’s inauguration, he launched his $TRUMP memecoin, which, at one point, was valued at $75 per coin, according to data from CoinMarketCap. At the time of publishing, it’s trading at $51 with a market cap of more than $10 billion.
Incoming First Lady Melania Trump also launched her memecoin, $MELANIA, which was trading at a high of $13. It has since dropped to $10 with a market cap of over $2 billion.
Bitcoin price has surged past $102,000 after news broke that President-elect Donald Trump plans to designate cryptocurrency as a national priority. According to multiple reports, the incoming administration is preparing executive orders aimed at boosting the cryptocurrency sector, including new policies to support industry growth and streamline regulations.
Donald Trump Executive Order to Focus on Cryptocurrency
President-elect Donald Trump is said to be working on an executive order that will ensure that cryptocurrency is viewed as an essential part of the US economy. The order is anticipated to call on the regulators to work closely with the crypto industry and to form a crypto advisory council. This council would afford industry stakeholders an opportunity to raise their concerns and make recommendations.
According to the sources, the executive order could be signed on January 20, the first day of Trump’s presidency. It may also suspend all ongoing crypto cases and order all government bodies to rethink their stance on digital currencies.
Brian Hughes, the spokesperson for Trump’s transition team, said, “President Trump will follow through on his word to promote American dominance in the crypto space.”
Creation of a Bitcoin Reserve Under Discussion
Another idea being floated under the Donald Trump administration is the creation of a national Bitcoin reserve through seized digital assets. At the moment, the U.S. government has about $20 billion worth of Bitcoin and other cryptocurrencies from law enforcement belongings, as per Arkham Intelligence.
The Bitcoin Policy Institute has proposed that $21 billion be invested to make Bitcoin a strategic reserve asset. Should this be implemented it will afford a mechanism through which the U.S. can effectively deal with the issue of debt and enhance its position within the global economy. Amid this discussion, Senator Cynthia Lummis has called out proposed plans by the US Marshals to sell its seized Bitcoin stash which would invalidate the Bitcoin Reserve strategy.
In addition, there are also indications that the Trump administration may expand this reserve to other digital assets such as Solana (SOL) and XRP, as part of a broader plan to diversify national crypto assets.
Review of Banking and Accounting Policies
The new Donald Trump administration is expected to tackle crypto de-banking and repeal the accounting standards that regard banks’ crypto assets as their liabilities. These amendments subsequently are directed towards enabling financial institutions to hold and manage digital assets more efficiently, which will open up the door for the broader market.
Concurrently, according to the Washington Post the SEC could revisit ongoing legal proceedings against crypto companies. Some of the people familiar with the plans said that other cases without fraud allegations may be put on hold under the new administration.
Ripple Labs’ Chief Legal Officer, Stuart Alderoty has recently claimed that the long-standing regulatory actions against the company can be dropped under the Trump administration.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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