Bitcoin is nearing the historic $100,000 mark, driven by President-elect Donald Trump’s emerging support for cryptocurrency and expectations of a more favorable regulatory environment.
The leading cryptocurrency surged 4% to reach $98,342 on Thursday before settling at $97,775 at press time. The broader crypto market has gained approximately $900 billion since Trump’s November 5 election victory.
White House crypto initiatives
Trump’s transition team is exploring the creation of a dedicated White House position for digital asset policy, marking a significant shift in the federal approach to cryptocurrency. The proposed role would have direct access to the president-elect, who has become one of crypto’s prominent advocates.
MicroStrategy, the largest publicly traded corporate Bitcoin holder, announced plans to increase its convertible senior notes offering to $2.6 billion, up nearly 50%, to fund additional Bitcoin purchases. The company’s Bitcoin treasury has reached approximately $31 billion.
US Bitcoin ETFs have attracted $5.8 billion in net inflows post-election, with total assets reaching $100 billion. “Buyers are strangling the sellers,” noted IG Australia Pty Market Analyst Tony Sycamore, highlighting the “insatiable” demand.
Trump’s promised crypto-friendly regulatory framework and plans for a strategic Bitcoin reserve represent a dramatic reversal from his previous skepticism. This policy shift, combined with strong institutional investment, has overshadowed concerns from the 2022 market downturn and regulatory crackdowns.
“While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable,” Sycamore added, reflecting the market’s bullish sentiment.