- Trump celebrated Bitcoin’s $100,000 milestone and attributed the rise to his influence on crypto policy
- Analysts predict a possible slowdown in Bitcoin’s rally after Trump’s inauguration in January 2025
Bitcoin [BTC]The unprecedented rise above $100,000 has sparked celebrations in the crypto community. However, it wasn’t just enthusiasts who enjoyed the achievement.
Newly elected President Donald Trump stepped into the spotlight and took a victory lap on December 5, attributing BTC’s historic price rise to his influence.
Trump on Bitcoin Reaching a New Milestone
In a post on the Truth Social platform, Trump said expressed his excitement and said:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! DON’T MENTION IT!!!”
He added:
“Together we will make America great again!”
Needless to say, Trump made several promises during his 2024 election campaign aimed at transforming the crypto landscape in the United States.
His pro-crypto position fueled optimism among the community, with many anticipating BTC’s rise to $100,000.
And to everyone’s pleasant surprise: Bitcoin surpassed this milestone on December 5, briefly climbing to around $102,000.
However, the excitement was dampened as the cryptocurrency soon experienced a pullback. At the time of writing, the stock was trading at $97,905.96, having dropped +2% in the past 24 hours.
Trump stands by his words to make the US crypto-friendly
Furthermore, in line with his pro-crypto pledges, Trump previously vowed to fire SEC Chairman Gary Gensler. Recent developments seemed to confirm his commitment to reforming US crypto policy.
Trump has selected Paul Atkins, a prominent cryptocurrency advocate and former SEC commissioner under President George W. Bush, to take on the role of the new SEC chairman.
Furthermore, the president has also taken a bold step by appointing former PayPal COO David Sacks as the “White House AI & Crypto Czar,” signaling a significant shift in the country’s approach to cryptocurrencies.
Trump’s actions thus demonstrate his commitment to delivering on his pro-crypto pledges, signaling a shift toward a more crypto-friendly US environment.
However, as the 2024 election cycle progresses, some analysts are predicting a possible slowdown in market momentum.
Historical trends, supported by research from Bloomberg and Macrobond Financial, suggest that while US markets, including Bitcoin, often rally after presidential elections, the rally tends to lose momentum once the newly elected president takes office.
And so the obvious question arises: will Bitcoin undergo a major correction after Trump’s inauguration on January 20, 2025?