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Economy

Bitcoin soars to USD 110,000 milestone amid Trump's presidential transition

Ayer 17:25

The cryptocurrency Bitcoin reached unprecedented heights Monday, touching USD 110,000 per bitcoin as Donald Trump prepared to return to the White House. The surge coincided with the weekend launch of new cryptocurrency tokens by Donald and Melania Trump.

The Trump-linked tokens, categorized as "meme coins," represent a distinctive and volatile segment of the cryptocurrency market. According to the sales website, these tokens were created as expressions of support rather than investment vehicles, similar to other meme coins like dogecoin that often begin as humorous initiatives.

The cryptocurrency's value climbed to levels unseen since Trump's November electoral victory, sparking discussions about potential changes in U.S. cryptocurrency policy. Market participants anticipate significant policy shifts, including speculation about the establishment of a U.S. Bitcoin reserve under the incoming administration.

Bitcoin developer Samson Mow characterized the market movement as a "god candle," referring to the sharp upward price movement visible on trading charts. The cryptocurrency reached USD 109,400 on the Coinbase exchange, reflecting market sentiment about forthcoming policy changes.

Cryptocurrency commentator Lark Davis suggested that the U.S. might establish a strategic Bitcoin reserve in 2025. Davis indicated that market behavior shows increasing confidence in this possibility, which could further boost Bitcoin's value.

At the Bitcoin 2024 conference, Trump's statements about cryptocurrency policy, particularly his suggestion of creating a national Bitcoin reserve, have influenced market optimism. He suggested that Bitcoin's market capitalization could potentially exceed gold's USD 16 trillion valuation.

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