Zinger Key Points
- Donald Trump is expected to closely track Bitcoin’s price, with sources suggesting he’d "love" to see it hit $150,000 early in his presidenc
- After Bitcoin reached $100,000, Trump praised crypto investors amid talks of creating a national Bitcoin reserve.
Donald Trump‘s return to the White House could usher in a new era of cryptocurrency-friendly policies, according to recent reports and insights from sources close to the transition team.
What Happened: Axios reported on Tuesday that Trump, who promised a “golden age of America,” will focus on boosting market metrics, including cryptocurrencies.
The former president has already taken credit for Bitcoin’s recent price surge, recently congratulating Bitcoin on surpassing the $100,000 milestone by saying “You’re welcome.”
Sources indicate that Trump is expected to promote crypto-friendly regulations, starting with his choice of Paul Atkins, a crypto advocate and industry adviser, to chair the Securities and Exchange Commission.
The transition team is also reportedly working on developing a “legal framework so the crypto industry has the clarity it has been asking for.”
Trump's administration is further poised to focus heavily on AI, cryptocurrency and libertarian values to strengthen America's technological dominance over China. To spearhead this agenda:
- David Sacks has been named AI and crypto czar to cement leadership in emerging tech.
- Elon Musk and Vivek Ramaswamy will co-lead the newly formed Department of Government Efficiency (D.O.G.E.), tasked with modernizing federal spending.
Also Read: Scaramucci: Bitcoin Is a Volatile Asset, But ‘Ready for Prime Time Institutional Investing’
Why It Matters: According to Axios, cryptocurrency firms contributed one-third of all direct corporate donations to super PACs during the election. Ahead of the vote, Trump launched a family crypto venture, World Liberty Financial, signaling his commitment to the space.
A source familiar with the administration’s plans said Trump sees Bitcoin as "another stock market for him" and would be thrilled to see it reach $150,000 early in his term.
JPMorgan analysts attribute November’s historic crypto growth to political developments and increased investor optimism. Their report noted: A 45% surge in total crypto market capitalization, which hit $3.3 trillion, marking the highest monthly return on record.
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