U.S. President-elect Donald Trump took a victory lap alongside Bitcoiners on Wednesday, claiming credit for its recent price surge as the asset smashed its $100,000 price target for the first time ever.
“Congratulations Bitcoiners,” Trump said in a Truth Social post. “$100,000!!! You’re welcome!!! Together, we will make America great again!”
Trump's post follows a dramatic surge in the price of Bitcoin and other cryptocurrencies since his election win, with BTC spiking by 47% over the last 30 days and hitting the $100,000 milestone for the first time late Wednesday. The asset's all-time high price mark now stands at $103,679, as set 13 hours ago.
The message underscores Trump's newfound affinity with Bitcoin aficionados, as the digital asset industry becomes an increasingly formidable force in U.S. politics. It also marks the latest of several comments that Trump and the Republican party have made in recent months to cozy up to Bitcoiners and other crypto zealots.
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At one point early Wednesday, Bitcoin analysts were saying that a worrying amount of BTC had been transferred onto exchanges, and the asset faced a steep sell wall on its way to a six-digit milestone. But that didn't last very long. Last last night during U.S. trading hours, Bitcoin climbed as high as $103,679 according to CoinGecko data. And even now, as the Bitcoin price hovers at $103,511—having climbed nearly 8% compared to this time yesterday—it's within striking distance of another new all...
Trump began courting the Bitcoin community earlier last year, making an appearance in July at the Bitcoin 2024 conference in Nashville, TN, where he endeared himself to fans despite conflating BTC and other cryptocurrencies.
In his speech, he promised to free imprisoned Silk Road dark web marketplace founder Ross Ulbricht, fire SEC Chair Gary Gensler, and create a Bitcoin stockpile in the U.S. He also vowed to secure the future of Bitcoin and other cryptocurrency mining in the U.S.
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” Trump said in July.
Since that time—and ahead of his White House return on January 20, 2025—Trump has followed through on at least one of those promises: The President-elect on Tuesday nominated crypto-friendly regulator Paul Atkins as SEC chairman. Gensler announced last month that he will resign, effective January 20.
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Meanwhile, Trump's Republican Party has also championed Bitcoin and cryptocurrencies during the 2024 election cycle. In July, the GOP promised in its official platform to thwart an “unlawful and un-American crackdown” on the U.S. crypto industry.
Trump’s party also expressed support for three key issues that are important to Bitcoiners: protecting crypto mining, preserving the right to self-custody digital assets, and opposing the creation of a central bank digital currency (CBDC) in the U.S.
Edited by Andrew Hayward
