Bitcoin (BTC-USD) broke new ground last Thursday, surging past $98,800 before stabilizing, as the cryptocurrency market celebrated the announcement of SEC Chair Gary Gensler’s upcoming resignation. The timing couldn’t be more poetic—Gensler steps down on January 20, the same day Donald Trump takes the oath of office for his second term.
The rally is fueled by bullish sentiment surrounding the incoming Trump administration, which has made no secret of its pro-crypto stance. Bitcoin has skyrocketed 40% since Trump’s election win, repeatedly smashing milestones as investors eye the elusive $100,000 mark. The president-elect’s transition team is reportedly exploring the creation of a national bitcoin stockpile, a move that has crypto enthusiasts salivating.
Digital asset guru Mike Novogratz summed up the mood on Yahoo Finance: “All the guys around the table like our space. They believe in the digital asset world. They believe in blockchains and bitcoin, and so the whole energy of this administration is going to be so different than the Elizabeth Warren, Gary Gensler era.” Translation: Trump’s team gets it, unlike the Democrats, who think “blockchain” is something that happens in a parking lot dispute.
Adding fuel to the fire, reports suggest Trump Media & Technology Group is in advanced talks to acquire crypto trading platform Bakkt (BKKT). Such a move would not only cement the administration’s commitment to digital assets but also accelerate the adoption of crypto as a mainstream financial instrument.
Meanwhile, institutional interest in bitcoin continues to surge. BlackRock’s spot bitcoin ETF (IBIT) has seen its assets balloon by $13 billion since Trump’s victory, pushing its total assets past $40 billion. Options tied to IBIT began trading on Nasdaq this week, signaling growing confidence in the crypto space under Trump’s leadership.
The contrast couldn’t be starker. Under Gensler and the Democrats, crypto investors faced hostility and regulatory chokeholds. With Trump at the helm, the script has flipped. Instead of treating innovation as a threat, the incoming administration recognizes it as an opportunity. Democrats may scoff at bitcoin and cling to their outdated policies, but Trump’s pro-growth, pro-crypto approach is the future. This is the America-first strategy the country needs: embracing innovation, cutting red tape, and leaving the Democrats scratching their heads while bitcoin marches toward $100,000.
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