Trump’s Crypto Stance Boosts Bitcoin To $105k

Bitcoin has reached an impressive milestone, climbing to $105,000 just days ahead of Donald Trump’s inauguration as President.

This surge followed a steady rise from January 13, when the cryptocurrency dropped below $90,000. It was trading at $104,188 at 7.38 (Nigeria Time), with the slight dip attributed to investors seeking fresh entry points before a potential rally.

Market observers link the increase to Trump’s pro-crypto stance and his administration’s early commitments to fostering growth in the cryptocurrency sector. His promises include establishing a significant U.S. crypto reserve, appointing a crypto-friendly SEC chair, and naming a “crypto czar,” all of which have energized the market.

Paul Atkins, a strong cryptocurrency advocate, is set to lead the SEC, while David Sacks has been appointed as the administration’s crypto czar. These appointments mark a significant shift from the previous leadership of Gary Gensler, who was seen as an obstacle to cryptocurrency progress. Gensler recently announced his resignation, expressing pride in his efforts to regulate the crypto space but acknowledging the incoming administration’s different approach.

Peter Van Valkenburgh, director of Coin Center, expressed optimism, stating, “One of the best things to expect from the Trump administration is a more positive tone from the SEC.” Trump had previously reassured cryptocurrency supporters that new regulations would be crafted by individuals who understand and support the industry.

With Bitcoin holding at its current levels, many anticipate further growth as a pro-crypto government takes charge, signaling a promising future for the sector.
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