Trump Boasts, Assumes Credit for Bitcoin Reaching $100,000

President-elect Donald Trump has wasted no time in claiming credit for the recent surge in bitcoin’s price, celebrating the wealth it has generated for digital asset owners. Early Thursday, Trump took to his Truth Social platform to share his excitement, posting: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Bitcoin hit fresh all time high at $103,679 earlier on Thursday. At the time of writing it is trading at $98,206.

Bitcoin reached the six-figure milestone late Wednesday, after weeks of fluctuating around the $90,000 mark. The cryptocurrency’s price skyrocketed following Trump’s decisive election victory in November, climbing $20,000 from approximately $68,318 in just seven days. Year to date, bitcoin has risen by more than 130%.
Cryptocurrency advocates are acknowledging that Trump deserves some credit for the latest price rally. David Bailey, CEO of Bitcoin magazine and the Bitcoin Conference, expressed his support on X, writing: “His name is President Pump. Up only.”

The crypto community’s confidence has been further bolstered by Trump’s latest Cabinet appointment. On Wednesday, Trump nominated Paul Atkins to head the Securities and Exchange Commission (SEC). Trump stated that Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Atkins leads Patomak Global Partners, a financial services advisory group that works with cryptocurrency clients. He also advises the Chamber of Digital Commerce, a crypto advocacy group. Through his work with the chamber’s Token Alliance, Atkins has helped develop best practices for regulating crypto.
Fans of digital tokens have criticized outgoing SEC Chair Gary Gensler for his punitive approach to the crypto world. Markets are seeing a significant shift at an SEC run by Paul Atkins. Crypto has literally never existed without the overhang of uncertainty or hostility from US regulators. This moment is a regulatory singularity before a new era for cryptocurrencies and crypto assets.

Atkins’ nomination completes an incoming administration that is fully committed to cryptocurrency. Trump’s choice for Treasury Secretary, Scott Bessent, praised the benefits of digital assets in an interview with Fox Business this year, according to Forbes. Bessent said, “Crypto is about freedom, and the crypto economy is here to stay. Crypto is bringing in young people, people who have not participated in markets.”

Bessent has invested in blockchain startups and decentralized finance (DeFi) initiatives. Other members of the incoming Trump administration, including Vice President-elect JD Vance, Health and Human Services pick Robert F. Kennedy Jr., and Commerce Secretary pick Howard Lutnick, have all expressed their support for and investment in cryptocurrencies.

Trump made courting the crypto community a cornerstone of his latest presidential campaign. This summer, he served as the keynote speaker at a Bitcoin Conference in Nashville, Tennessee. Despite admitting his lack of complete understanding of crypto technology, Trump pledged to make America “the crypto capital of the planet” if elected. He stated, “We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry.”

The cryptocurrency market has been volatile, but the recent surge in bitcoin’s price has brought renewed optimism among investors and enthusiasts. With Trump’s administration taking shape and showing strong support for digital assets, the future of cryptocurrency in the United States looks promising. The new administration’s pro-crypto stance is expected to foster innovation and growth in the industry, potentially making the U.S. a global leader in the digital economy.

As the world watches the unfolding developments, it remains to be seen how the regulatory landscape will evolve under Trump’s leadership. However, one thing is clear: the cryptocurrency community is hopeful that the new administration will create a more favorable environment for digital assets, paving the way for further advancements and adoption.