The massive upsurge of Bitcoin and cryptocurrencies also caught the attention of Donald Trump, who has lauded their impressive performance.
Trump acknowledged their stellar outing in a speech shortly after signing the GENIUS Act stablecoin bill on Friday. In his remarks, he highlighted the former fate of the crypto industry and how his support has turned its fortunes around.
Trump’s Adoption: The Turning Point
For context, the president noted that the digital asset sector has faced severe marginalization from past administrations. He stated that the differential treatment existed “as little as a year and a half ago,” under the Biden tenure.
Trump has repeatedly criticized the poor handling of cryptocurrency innovation by former President Joe Biden and his US SEC Chair, Gary Gensler. More often than that, he has also highlighted how his intervention has been a turning point for the industry.
The pro-Bitcoin president reiterated this in his Friday speech, after signing the first federal crypto bill in US history. He noted that the stablecoin passing is a massive validation of the changing tides from “being mocked and dismissed and counted out” to a mainstream sector in the US economy.
In truth, the current environment has been conducive for digital assets. Trump’s flirtation with the industry has drawn institutional interest, evident in the growing number of crypto corporate treasury firms and the persistent inflows into the US Bitcoin and Ethereum spot ETFs.
Other nation-states have also paid attention to the development, with some planning to follow in the US’s footsteps. This has drawn massive demand for cryptocurrencies and sparked the rally seen over the last year.
Bitcoin Outperforms Major Stocks
Meanwhile, even Trump appears to be keeping tabs on the crypto price pump. “I think your stuff has gone up more than any stock or just about more,” he told the crypto executives present on Friday.
Interestingly, Bitcoin has performed exceptionally well over the past year, primarily due to Trump’s endorsement and massive demand. For context, BTC is up 85% from its price of $63,990 a year ago. It would have been a better percentage gain a few days ago when Bitcoin rallied to its new all-time high of $123,181.
In comparison to major stocks, Bitcoin has been far better. For instance, the S&P 500 has increased by 14% over the past year, while Tesla and Microsoft have risen by 37% and 21%, respectively, in the same timeframe.
Interestingly, other cryptocurrencies have a similar or even better trajectory. XRP, the third-largest cryptocurrency by market cap, has surged by a staggering 530% from around $0.57 to its current price of $3.46. Meanwhile, BNB and Solana are up 28% and 9% year-over-year.
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.
