Bitcoin Hits Record $109,000 Amid Trump’s Inauguration
Bitcoin reached a record high of $109,241 on Monday, just as Donald Trump prepared for his inauguration as United States President. The surge marked an all-time peak for the cryptocurrency before settling back at $107,765 by 0740 GMT.
The dramatic rise in Bitcoin’s price comes in the wake of Trump’s election win in November 2024, with the cryptocurrency surpassing the $100,000 mark for the first time in early December. Trump, who had previously labeled cryptocurrencies a “scam,” has since shifted his stance and become a major supporter of digital assets, fueling optimism among investors.
One of the key developments that sparked excitement within the crypto community was Trump’s nomination of Paul Atkins, a well-known cryptocurrency advocate, to head the U.S. Securities and Exchange Commission (SEC). This move reinforced expectations that Trump would push for deregulation in the cryptocurrency sector, contributing to the surge in Bitcoin’s price.
Over the weekend, Trump also launched his own cryptocurrency, the $TRUMP token, further igniting a buying frenzy. This new coin quickly gained traction, helping to push its market capitalization into the billions of dollars.
On the day Bitcoin crossed the $100,000 threshold, Trump took to Truth Social, writing: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” This tweet reinforced the idea that Trump’s administration would foster a more crypto-friendly environment.
Bitcoin, the world’s largest cryptocurrency, was first introduced in 2008 by an anonymous entity or group under the name Satoshi Nakamoto. The cryptocurrency was designed to offer an alternative to traditional financial systems by establishing a decentralized platform for transactions. It is “mined” when powerful computers solve complex problems to validate transactions on the blockchain.
While Bitcoin has grown in popularity, it has been criticized for its association with illicit activities, particularly on the dark web—an encrypted part of the internet often used for illegal transactions. Despite its volatility and challenges, Bitcoin has become a symbol of disruption in the global financial system, and the surge in its price highlights the growing mainstream acceptance of cryptocurrencies.
As Trump’s presidency begins, his stance on cryptocurrency deregulation is likely to be a significant factor influencing both the market and future legislative approaches to digital assets in the U.S.
