What’s next for the crypto industry as Bitcoin surpasses $109K in Trump’s second term?
As the world awaited the inauguration of the 47th President of the United States, Donald Trump, Bitcoin saw a surge to an all-time high. Rising from $103,558.38 to $109,350.72 overnight, the cryptocurrency’s momentum leading up to the inauguration was undeniable. Trump’s favorable stance on crypto and related policies have instilled hope in the market, prompting crypto entrepreneurs and companies to return to the US after years of regulatory ambiguity.
The anticipation surrounding Trump’s second ascension to power has sparked optimism in the crypto community. With expectations high for an executive order on crypto early in his term, many are hopeful for the establishment of a crypto advisory council and a national bitcoin reserve. Trump’s evolving perspective on cryptocurrencies has been evident, especially with the recent launch of memecoins $TRUMP and $MELANIA, which combined had a value of $9.5 billion on inauguration day.
Under President Biden’s previous administration, regulatory scrutiny had loomed over the crypto industry. However, with Trump’s crypto-friendly approach, the community is looking towards a brighter future for cryptocurrencies. Trump’s vision of the US becoming a global crypto hub was vocalized at a Bitcoin conference in 2024, where he expressed his desire for the country to be a bitcoin superpower. Plans of creating a bitcoin strategic stockpile and dismissing SEC chair Gensler, known for his rigorous stance on regulations, have highlighted Trump’s bold crypto agenda.
Transitioning from a skeptic to a self-proclaimed ‘First Crypto President,’ Trump’s crypto policies have undergone a significant shift. The promise of establishing a crypto advisory council within his first 100 days in office aims to address regulatory uncertainties surrounding cryptocurrencies. Additionally, Trump’s opposition to the development of a Central Bank Digital Currency aligns with the decentralized ideals advocated by many in the crypto community.
Key appointments like businessman Paul S Atkins as SEC chair and David Sacks as the White House AI and crypto czar reflect Trump’s commitment to fostering innovation in the crypto landscape. Atkins’ pro-crypto stance and expertise in the digital economy signal positive developments for the industry, while Sacks’ role underscores the administration’s dedication to advancing policies related to cryptocurrency and AI.
While Trump’s pro-crypto rhetoric has injected optimism into the community, challenges remain. Delivering on promises of regulatory frameworks within the first 100 days may face hurdles, but the overall outlook for the crypto industry under Trump 2.0 is one of excitement and potential growth. With the US poised to become a crypto capital under Trump’s leadership, the future of cryptocurrencies appears promising.
