Bitcoin Surges Past $100,000 Amidst Trump Victory and Putin's Endorsement of CryptocurrenciesBitcoin's price soared past $100,000 per coin this morning, briefly touching $103,000, representing a 138% increase year-to-date. In just one month, since November 4th, the price skyrocketed from $68,000 to $100,000, a dramatic surge
Bitcoin Surges Past $100,000 Amidst Trump Victory and Putin's Endorsement of Cryptocurrencies
Bitcoin's price soared past $100,000 per coin this morning, briefly touching $103,000, representing a 138% increase year-to-date. In just one month, since November 4th, the price skyrocketed from $68,000 to $100,000, a dramatic surge. This latest rally is attributed to a confluence of positive factors, most notably the surprisingly supportive stances of high-level political figures in the US and Russia towards cryptocurrencies.
Reuters reported that despite previously expressing skepticism towards cryptocurrencies, Donald Trump, during his presidential campaign, reversed his position, promising to "fully embrace digital assets" and aiming to establish the US as the "crypto capital of the earth," even suggesting the accumulation of a national Bitcoin reserve. This pledge is considered a significant catalyst in pushing Bitcoin's price beyond $90,000. The Associated Press reported a massive influx of capital into the cryptocurrency market since Trump's election victory. Furthermore, Trump and his son's September announcement of a new cryptocurrency company, WorldLibertyFinancial, suggests a potential direct benefit for Trump from the booming crypto market.
Beyond Bitcoin, Dogecoin also experienced a surge following Trump's win, jumping from around $30 to over $67. Elon Musk, a long-time Dogecoin proponent, is widely considered a key figure in Trump's electoral success, and his influence cannot be overlooked.
Significantly, the Associated Press reported on December 5th that Trump nominated Paul Atkins, a conservative lawyer with a long history of supporting cryptocurrencies, to chair the Securities and Exchange Commission (SEC). Atkins has consistently opposed "excessive market regulation," and analysts predict he will "restrain the SEC's enforcement arm" and adopt a more crypto-friendly approach. Atkins is a known crypto enthusiast, having publicly questioned the SEC's actions against cryptocurrency companies. In contrast, Gary Gensler, Biden's appointee, who has led the US government's crackdown on the cryptocurrency industry, is scheduled to resign on January 20, 2025, the day Trump takes office. This personnel change will undoubtedly have a profound impact on the future direction of US cryptocurrency policy.
Mark Palmer, senior analyst at The Benchmark Company, a New York investment bank, predicts Bitcoin's price will soar to $225,000 by the end of 2026, due to "increasing investor interest," further bolstering market confidence.
Beyond the positive news from the US, international developments have also fueled Bitcoin's rise. Reuters reported on December 4th that Russian President Vladimir Putin questioned the necessity of maintaining dollar foreign exchange reserves in a public event, suggesting that "shifting to alternative assets, including cryptocurrencies," might be a better option. Putin pointed to the freezing of approximately $300 billion in Russian assets by Western countries following the Ukraine crisis, and their subsequent use to support Ukraine. For example, the UK used interest earned on frozen Russian assets to provide a $3 billion loan to Ukraine. Putin questioned, "Why accumulate reserves if they can be easily lost?" He argued that the seizure of Russian reserves damaged the dollar's reputation and its status as the primary central bank reserve asset, noting that countries have turned to alternatives like Bitcoin: "Who can forbid it? Nobody."
Trump's election, his positive stance on cryptocurrencies, his SEC appointments, coupled with Putin's questioning of the dollar system and his implicit endorsement of cryptocurrencies, form a complex and multifaceted backdrop to Bitcoin's recent surge. These factors combined have propelled the cryptocurrency market into a new and uncertain phase. Future Bitcoin price movements will continue to be influenced by global geopolitical and economic conditions, regulatory policies, and market sentiment. Currently, the market is closely watching whether this rally can be sustained, and what potential risks and challenges lie ahead. The Trump administration's shift in attitude towards cryptocurrencies, and Atkins' influence on SEC policy, will be key determinants of the market's future direction. Similarly, global geopolitical shifts and the regulatory intensity surrounding digital assets in various countries will significantly shape the cryptocurrency market's future. Investors need to closely monitor these factors and make investment decisions cautiously. While market predictions point to further price increases, high risk accompanies high reward; investment caution is paramount. In the current uncertain market environment, rational analysis and careful investment are crucial. The future of the cryptocurrency market remains highly volatile.
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