Bitcoin Reenters $105,000 Territory Amid Mounting Excitement For New Crypto-Friendly Era Ahead Of Trumps Inauguration
After a rough start to the week, the Bitcoin price soared past the $100,000 psychological milestone on Friday and briefly hopped back above $105,000, spurred by optimism as investors prepare for pro-crypto President-elect Donald Trump to assume control of the White House on Monday.
Bitcoin Price Briefly Tops $105K
After the latest market meltdown, the Bitcoin price has breached the six-figure realm, signaling that the bulls are now in command.
The largest and oldest crypto asset gained over 4% in the last 24 hours, rising from just under $90,000 on Jan. 13 to a price of $105,850, according to CoinGecko data. BTC has since cooled to $104,114 as of publication time. Nevertheless, the asset is just 3.5% away from its current all-time high price of $108,135, set in December 2024.
Trumps Swearing-In Is Only Days Away
Expectations among crypto market observers are increasing as Donald Trumps inauguration as the 47th president of the United States on Jan. 20 draws closer. Many anticipate that Trump will implement plans for crypto right from day one in office.
The incoming president pledged pre-election to position the US as a leader in the crypto sector, including establishing a national strategic Bitcoin stockpile similar to gold. This is in stark contrast to the Joe Biden administrations regulatory crackdowns and regulatory enforcement actions. If this were to be executed, the US Treasury would have to purchase one million BTC over five years, resulting in a supply crunch.
Although direct government BTC buys remain uncertain, prohibiting sales of the US governments current stash could reduce selling pressure and fortify the top cryptos position as a legitimate asset class, further incorporating it into global financial markets.
According to a Thursday Bloomberg report, Trump is looking to issue a pro-crypto executive order to elevate digital assets to a national priority shortly after his inauguration.
Sources claim that this could include setting up a new crypto advisory council of industry leaders for policy recommendations. Trump is also expected to address crypto-debanking and repeal a bank accounting policy that compels banks to list crypto assets as liabilities.
Its worth mentioning that the New York Post recently reported that Trump is open to expanding a possible strategic reserve to include a basket of cryptos founded in the U.S., such as USD Coin (USDC), Solana (SOL), and Ripples XRP.
Text source: ZyCrypto
