Bitcoin Approaches $100,000 Milestone Amid Trump’s Crypto-Friendly Stance

Bitcoin Approaches $100,000 Milestone Amid Trump's Crypto-Friendly Stance Bitcoin Approaches $100,000 Milestone Amid Trump's Crypto-Friendly Stance

Bitcoin is nearing the historic $100,000 mark, driven by President-elect Donald Trump’s emerging support for cryptocurrency and expectations of a more favorable regulatory environment.

The leading cryptocurrency surged 4% to reach $98,342 on Thursday before settling at $97,775 at press time. The broader crypto market has gained approximately $900 billion since Trump’s November 5 election victory.

White House crypto initiatives

Trump’s transition team is exploring the creation of a dedicated White House position for digital asset policy, marking a significant shift in the federal approach to cryptocurrency. The proposed role would have direct access to the president-elect, who has become one of crypto’s prominent advocates.

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MicroStrategy, the largest publicly traded corporate Bitcoin holder, announced plans to increase its convertible senior notes offering to $2.6 billion, up nearly 50%, to fund additional Bitcoin purchases. The company’s Bitcoin treasury has reached approximately $31 billion.

US Bitcoin ETFs have attracted $5.8 billion in net inflows post-election, with total assets reaching $100 billion. “Buyers are strangling the sellers,” noted IG Australia Pty Market Analyst Tony Sycamore, highlighting the “insatiable” demand.

Trump’s promised crypto-friendly regulatory framework and plans for a strategic Bitcoin reserve represent a dramatic reversal from his previous skepticism. This policy shift, combined with strong institutional investment, has overshadowed concerns from the 2022 market downturn and regulatory crackdowns.

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“While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable,” Sycamore added, reflecting the market’s bullish sentiment.