President-elect Donald Trump took to Truth Social on Wednesday to celebrate Bitcoin’s groundbreaking surge past $100,000, claiming partial credit for the milestone.
“Congratulations Bitcoiners,” Trump wrote. “$100,000!!! You’re welcome!!! Together, we will make America great again!”
The comment comes as Bitcoin soared to $103,679 late Wednesday, marking its highest price ever. The milestone follows a dramatic 47% price increase over the past 30 days, fueled in part by optimism surrounding Trump’s pro-crypto stance and policy promises.
Trump’s Bitcoin Advocacy
Courting Bitcoiners
Trump’s newfound embrace of Bitcoin and the broader crypto industry began last year when he appeared at the Bitcoin 2024 conference in Nashville, Tennessee. During the event, he made several promises that endeared him to the Bitcoin community, including:
- Freeing Ross Ulbricht, the imprisoned founder of the Silk Road marketplace.
- Firing SEC Chair Gary Gensler, a figure widely criticized by crypto advocates.
- Establishing a Bitcoin reserve in the United States.
- Supporting U.S.-based Bitcoin mining and opposing policies that push mining operations overseas.
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” Trump declared during his speech.
Following Through
Since his election win in November, Trump has already begun to deliver on his promises. On Tuesday, he nominated Paul Atkins, a crypto-friendly former SEC commissioner, to replace Gensler as SEC Chair. Gensler announced last month that he would step down when Trump takes office on January 20, 2025.
Meanwhile, Trump’s Republican Party has made crypto a key part of its platform during the 2024 election cycle, pledging to:
- Protect crypto mining operations in the U.S.
- Preserve the right to self-custody digital assets.
- Oppose the creation of a central bank digital currency (CBDC).
In July, the GOP labeled the Biden administration’s actions against the crypto industry as an “unlawful and un-American crackdown” and vowed to champion the rights of crypto users and businesses.
Crypto’s Role in Politics
Trump’s alignment with Bitcoin enthusiasts signals the growing political influence of the digital asset industry in the United States. Bitcoin’s historic rise to $100,000 underscores the increasing adoption of cryptocurrencies as mainstream financial instruments, and the Republican Party’s support further solidifies the sector’s political relevance.
With Trump’s return to the White House, the crypto community is anticipating a more supportive regulatory environment, potentially ushering in a new era of growth and innovation for Bitcoin and the broader blockchain industry.