The world’s famous cryptocurrency, Bitcoin has hit a new record after surging over $109,000 early Monday, hours before President-elect Donald Trump’s inauguration. The crypto, which traded at $108,601 at the time of this report, pumped up after the new President said he’ll take action on his promises to the crypto industry once he assumes office.
Bitcoin over the last three months has seen its price skyrocket with a gain of 192 per cent last year following its last record high of $108,000 in December. However, it dipped last month after dropping by 12.74 per cent to $93,950 making about 334,00 crypto traders liquidate $1.10 billion in funds.

Since his campaign and victory during the election, Trump has embraced digital currencies with a zealous skill. He launched the $TRUMP meme coin and pledged to take credible steps through his presidency to make the United States the world’s crypto capital.
He has been keeping his promises through some developments such as the appointment of Elon Musk to D.O.G.E (Department of Government Efficiency), his social media and technology company’s (TMTG) pre-acquisition of Bakkt, a crypto trading platform, and the appointment of David Sacks as the white House AI and crypto czar.
For crypto investors, they have been positively anticipating the incoming Trump administration which promises to usher in a friendlier regulatory environment, boosting sentiment around the alternate currency. Trump has also promised to create a U.S. crypto stockpile and an industry-friendly regulation.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a Bitcoin conference last summer.


His meme coin, $TRUMP after its launch skyrocketed by over 300% in valuation in less than 24 hours. As of Sunday morning, $TRUMP has hit a market cap of $5.81 billion, marking the former president’s bold foray into digital assets and merchandise sales ahead of his inauguration.
“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC, in December.
Bitcoin, created in 2009 as electronic cash uncontrolled by banks or governments, traded as low as $20,000 two years ago. It has then advanced with the world set to welcome the first “crypto president.”
Trump’s Administration – A big future for bitcoin
As president, Donald Trump promised he would ensure the U.S. government stockpiles bitcoin. At the Bitcoin conference last year, Trump said that the U.S. government would keep, rather than auction off, the billions of dollars in Bitcoin it has seized through law enforcement actions.
Crypto advocates have posted a draft executive order online that would establish a “Strategic Bitcoin Reserve” as a “permanent national asset” to be administered by the Treasury Department through its Exchange Stabilization Fund. The draft order calls for the Treasury Department to eventually hold at least $21 billion in bitcoin.
In addition, Republican Sen. Cynthia Lummis of Wyoming has proposed legislation mandating the U.S. government stockpile bitcoin. Advocates and experts have projected that the move would help diversify government holdings and hedge against financial risks.
“Creating such a stockpile would also be a giant step in the direction of Bitcoin becoming normalized, becoming legitimized in the eyes of people who don’t yet see it as legitimate,” said Zack Shapiro, an attorney who is head of policy at the Bitcoin Policy Institute.


On the other hand, critics say Bitcoin’s volatility makes it a poor choice as a reserve asset.
During his presidential campaign, Trump promised that he would create a special advisory council to provide guidance on creating clear regulations on crypto within his first 100 days as president.
After winning November’s election, Trump named tech executive and venture capitalist David Sacks to be the administration’s crypto “czar.” Trump also announced in late December that former North Carolina congressional candidate Bo Hines will be the executive director of the “Presidential Council of Advisers for Digital Assets.”
Also, a strategic move is the outgoing SEC Chairman Gary Gensler, whose experts have described his tenure with Biden as hostile to the crypto world.
“As far as general expectations from the Trump Administration, I think one of the best things to bet on is a tone change at the SEC,” said Peter Van Valkenburgh, the executive director of the advocacy group Coin Center.
Gensler, set to leave as Trump takes office, said in a recent interview with Bloomberg that he’s proud of his office’s actions to police the crypto industry.
Also Read: $TRUMP: experts warn of risks over Trump’s meme coin frenzy.