Bitcoin soared to a new all-time high ahead of Donald Trump’s inauguration for his second term as US president, topping $109,000 before settling around $108,214 — up 6.5 per cent.
The popular cryptocurrency’s surge reflects investors’ optimism that Trump’s incoming administration will adopt a more favourable stance towards digital assets.
The so-called “Trump effect” has spurred hopes that the president will use executive powers to reduce the regulatory burden on crypto firms and help integrate digital currencies into mainstream financial markets. Trump, who initially doubted cryptocurrencies, has reversed course with a pledge to make America “the crypto capital of the planet” and to create a “strategic reserve” of bitcoin.
According to reports, Trump may sign an executive order in the early days of his presidency establishing a “crypto advisory council”, an idea he floated in July. He is also expected to remove Gary Gensler, chairman of the Securities and Exchange Commission, who has spearheaded a clampdown on the crypto industry; Gensler is standing down on Monday to pre-empt his dismissal.
Over the weekend, Trump launched the “meme coin” $Trump, while his wife, Melania, introduced her own token, $Melania. The couple have also started World Liberty Financial, a family-run venture to trade cryptocurrencies.
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