Key Points
- Bitcoin’s surge past $100,000 has been celebrated by President-elect Donald Trump, attributing the rally to his influence.
- Analysts predict a potential slowdown in Bitcoin’s rally after Trump’s inauguration in January 2025.
President-elect Donald Trump has celebrated the surge of Bitcoin past the $100,000 mark.
Highlighting his influence on the historic price rally, Trump took to the Truth Social platform on December 5th to express his jubilation.
Trump’s Pro-Crypto Stance
Throughout his 2024 election campaign, Trump made numerous promises aimed at revolutionising the crypto landscape in the United States.
His pro-crypto stance generated optimism within the community, with many predicting Bitcoin’s rise to $100k.
On December 5th, Bitcoin surpassed this milestone, reaching around $102K, before experiencing a slight pullback.
In line with his pro-crypto promises, Trump has previously pledged to dismiss SEC Chair Gary Gensler.
Recent developments appear to confirm his commitment to reshaping U.S. crypto policy.
Trump’s Pro-Crypto Appointments
Trump has chosen Paul Atkins, a well-known crypto advocate and former SEC Commissioner under President George W. Bush, as the new SEC Chairman.
He has also appointed former PayPal COO David Sacks as the “White House A.I. & Crypto Czar,” indicating a significant change in the country’s approach to cryptocurrencies.
Despite Trump’s clear commitment to his pro-crypto promises, some analysts predict a potential slowdown in market momentum as the 2024 election cycle progresses.
Research from Bloomberg and Macrobond Financial suggests that while U.S. markets, including Bitcoin, often surge following presidential elections, the rally tends to lose momentum once the newly elected president takes office.
This leads to the question – will Bitcoin see a significant correction after Trump’s inauguration on 20 January 2025?