Trump’s Bitcoin victory lap – Says ‘you’re welcome!’ after Bitcoin hits $100K
Will the market hold steady or dip after January?
- Trump celebrated Bitcoin’s $100k milestone, attributing the surge to his influence on crypto policies
- Analysts predict a potential slowdown in Bitcoin’s rally after Trump’s inauguration in January 2025
Bitcoin [BTC]’s unprecedented surge past the $100,000-level has sparked celebrations across the crypto community. However, it wasn’t just enthusiasts reveling in the achievement.
President-elect Donald Trump joined the spotlight, taking a victory lap on 5 December while attributing BTC’s historic price rally to his influence.
Trump on Bitcoin hitting a new milestone
In a post on the Truth Social platform, Trump expressed his excitement and said,
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!”
He added,
“Together, we will Make America Great Again!”
Needless to say, throughout his 2024 election campaign, Trump made several promises aimed at transforming the crypto landscape in the United States.
His pro-crypto position fueled optimism among the community, with many anticipating BTC’s rise to $100k.
And, to everyone’s pleasant surprise, Bitcoin on 5 December surpassed this milestone, briefly climbing to around $102K.
However, the excitement was tempered as the cryptocurrency soon experienced a pullback. At the time of writing, it was trading at $97,905.96, following a +2% drop in the last 24 hours.
Trump’s standing by his words to make U.S crypto-friendly
Additionally, in line with his pro-crypto promises, Trump has previously vowed to fire SEC Chair Gary Gensler. Recent developments seemed to confirm his commitment to reshaping U.S. crypto policy.
Trump has selected Paul Atkins, a prominent crypto advocate and former SEC Commissioner under President George W. Bush, to take the role of the new SEC Chairman.
Additionally, the President has also made a bold move by appointing former PayPal COO David Sacks as the “White House A.I. & Crypto Czar,” signaling a significant shift in the country’s approach to cryptocurrencies.
Hence, Trump’s actions demonstrate his commitment to fulfilling his pro-crypto promises, signaling a shift towards a more crypto-friendly U.S. environment.
However, as the 2024 election cycle progresses, some analysts predict a potential slowdown in market momentum.
In fact, historical trends, backed by research from Bloomberg and Macrobond Financial, suggest that while U.S. markets, including Bitcoin, often record a surge following presidential elections, the rally tends to lose steam once the newly elected president assumes office.
And, thus the obvious question arises – Will Bitcoin see a major correction post-Trump’s inauguration on 20 January 2025?
