 "Bitcoin soared to a record-high ahead of trump's swearing-in ceremony. Reuters")
Bitcoin soared to a record high above $109,000 on Monday (January 20) as cryptocurrency enthusiasts celebrated the upcoming inauguration of Donald Trump, who has pledged to deregulate the sector and recently launched his own “meme coin.”
The world’s largest cryptocurrency surged to an all-time peak of $109,241 ahead of Trump’s swearing-in ceremony, before easing back to around $107,000. The milestone marked a nearly 60 per cent increase in value since Trump’s November election victory, which saw Bitcoin cross the $100,000 threshold for the first time in December.
Trump, a vocal supporter of cryptocurrencies during his campaign, had earlier fuelled excitement by nominating Paul Atkins, a known crypto advocate, to lead the US Securities and Exchange Commission.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump wrote on his Truth Social platform when Bitcoin hit its previous milestone.
Adding to the crypto fervour, Trump launched his own cryptocurrency over the weekend, a so-called meme coin named $TRUMP. The coin, which seeks to capitalise on the popularity of his brand and internet trends, saw its market capitalisation soar into the billions of dollars shortly after its debut.
First lady-in-waiting Melania Trump also introduced her own cryptocurrency, $MELANIA. Both coins were unveiled on Truth Social and X, the platform owned by fellow crypto enthusiast Elon Musk.
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Cryptocurrency experts see Trump’s policies as a potential boon for the sector. “There are expectations that crypto will be brought more into the financial mainstream, with clearer rules about how individuals and firms can trade such assets,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Trump has pledged to make the US the “bitcoin and cryptocurrency capital of the world,” reinforcing optimism among investors. However, analysts caution that his pro-growth, deregulation-focused policies could also spark inflation, fueled by tariffs and economic shifts.
A volatile legacy
Bitcoin, created in 2008 by a person or group under the pseudonym Satoshi Nakamoto, has long been seen as a disruptive force in global finance. It allows transactions on a decentralised blockchain platform but has faced criticism for enabling illicit activities and contributing to a significant carbon footprint due to its energy-intensive mining process.
With Trump set to take office, the cryptocurrency market anticipates a pivotal moment, where digital assets could gain further legitimacy and integration into traditional financial systems.
Trump’s inauguration not only marks a new chapter for US politics but also a celebration for the cryptocurrency world, as Bitcoin and its enthusiasts bask in the glow of record-breaking highs.
With inputs from agencies