Bitcoin’s price is edging ever closer to the $100,000 mark as investors and crypto enthusiasts continue to bet that President-elect Donald Trump and his upcoming administration will bring in a more friendly regulatory environment for cryptocurrencies.
At the time of writing the world’s first crypto has a price of $99,469 – up 2% in 24 hours and a new all-time high.
The digital asset has soared by over 60 percent in value since the Republicans won the US election on November 5. Trump was bullish about crypto during his campaign, and yesterday, it was reported his team is even contemplating creating a new White House role around it.
The incoming President infamously called Bitcoin a “scam” during his first term, however, he has since changed tack and even accepted campaign donations in cryptocurrency. Furthermore, he has repeatedly pledged to make the United States the global “capital for crypto.”
WATCH: President Trump pledges to eliminate at least 10 old regulations for every new one, embrace new industries like crypto and Bitcoin pic.twitter.com/TPgtPIr2do
— RSBN 🇺🇸 (@RSBNetwork) September 5, 2024
What’s driving the Bitcoin price rise?
Last month Trump announced the sale of the World Liberty Financial (WLF) token, serving as the utility token his family’s decentralized finance (DeFi) platform. The project aims to create an instance of DeFi protocol Aave (AAVE) on the Ethereum (ETH) blockchain and was seen as yet another indicator that the Trump camp are friendly towards crypto.
But it’s not just Donald Trump’s victory causing the Bitcoin price to hit new highs. The world’s largest Bitcoin holder, MicroStrategy, has been pouring more funds into buying Bitcoin and the investment firm now holds over 1% of the total supply.
Another tailwind for Bitcoin was the start of options trading on Bitcoin exchange-traded funds (ETFs) earlier in the year. With Trump likely to ease regulation institutional investors are piling into these ETFs.
How high Bitcoin can go is anyone’s guess but the price surpassing the six-figure milestone seems increasingly likely.
