US President-elect Donald Trump has congratulated the Bitcoin community following the asset’s recent surge past the $100,000 price mark.
The crypto community was elated following Bitcoin’s push to a six-figure value on Thursday. The pioneering cryptocurrency surged to a new all-time high of $103,620, taking its market cap to over $2 trillion.
Interestingly, pro-crypto President-elect Donald Trump became the latest to cheer Bitcoin enthusiasts following the milestone. In a Truth Social post, Trump congratulated the community after the $100,000 breach, welcoming the asset to the unprecedented price milestone.
The president-elect further reiterated his support for the crypto industry in the post, stating that he and the community will “make America great again.” Notably, Bitcoin surged past $100,000 after Trump’s pro-crypto nomination of Patomak Global CEO Paul Atkins as the SEC chair.
Trump’s Bitcoin Journey
Interestingly, the 47th US president was not big on the asset a few years back. While in the White House, he branded Bitcoin a scam and stated it threatened the dollar.
However, Trump changed his disposition towards the asset in his last campaign, promising to support the nascent industry’s growth if elected. He made history by becoming the first president to pay for items using Bitcoin after purchasing burgers at PubKey with the asset.
Trump also made a few promises to the crypto industry amid millions of dollars’ worth of donations. Among them is his pledge to create a strategic Bitcoin US, ensure a friendly regulatory environment for the asset, and support crypto mining in the country.
Notably, the president has delivered on some of his promises, including forcing SEC chair Gary Gensler to resign and appointing a pro-crypto replacement. Meanwhile, market participants still expect Trump to fulfill his pledge to create a US stockpile, teased to trigger global FOMO for Bitcoin.
More Upsides Under Trump
Following Trump’s win, demand for Bitcoin and investment vehicles offering exposure to the asset has surged considerably. This is evident in the incessant inflows into the US Bitcoin spot exchange-traded funds (ETFs), which have reached epic levels as investors expect the premier asset to thrive under Trump.
Furthermore, the growing prospect of creating a reserve has also drawn other countries to the asset. Galaxy Digital CEO Michael Novogratz cited an increased Bitcoin exposure in the Middle East, spurring further capital inflows.
Meanwhile, market observers speculate that Bitcoin will thrive under the president-elect. Bernstein and Standard Chartered analysts have tipped Bitcoin to trade at $200,000 by 2025.
In the meantime, Bitcoin trades at $97,846, down 4% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
