Bitcoin Hits Record High Above $109,000 Ahead of Trump’s Inauguration

Bitcoin surged to an all-time high of $109,241 on Monday, buoyed by optimism as Donald Trump prepared to take office as US president. The cryptocurrency later settled around $107,500.

The rally marks a significant milestone for Bitcoin, which surpassed $100,000 in December following Trump’s election victory in November. His nomination of cryptocurrency advocate Paul Atkins to lead the US Securities and Exchange Commission (SEC) has fueled expectations of deregulation in the crypto sector.

Trump’s Support for Crypto

Although Trump once dismissed cryptocurrencies as a “scam,” he became a vocal supporter during his campaign. After Bitcoin crossed the $100,000 threshold, Trump celebrated on his Truth Social platform, writing:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Over the weekend, Trump launched his own meme cryptocurrency, aptly named $TRUMP, which quickly achieved a multi-billion-dollar market capitalization. The coin, designed to leverage viral trends and Trump’s popularity, was announced on Truth Social and X (formerly Twitter), owned by Elon Musk.

Mixed Reactions to Trump’s Policies

Analysts remain divided over Trump’s economic policies. Ipek Ozkardeskaya of Swissquote Bank noted that while his pro-growth stance and deregulation could benefit the economy, his tariff policies may exacerbate inflation.

Bitcoin’s Journey and Challenges

Since its inception in 2008 by the pseudonymous Satoshi Nakamoto, Bitcoin has evolved from a niche concept to a major financial asset. It operates as a decentralized currency validated by blockchain technology.

However, Bitcoin faces criticism for its volatility, association with dark web transactions, and environmental impact due to energy-intensive mining operations. Despite these concerns, it remains the largest cryptocurrency by market value.