Thomas Daniels
On December 4, Bitcoin broke the $100,000 barrier, marking a significant milestone that was hailed by cryptocurrency enthusiasts and investors around the globe. In a post on his Truth Social website, former President Donald Trump joined the chorus of supporters.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump emphasized his recent shift toward cryptocurrency advocacy and called attention to Bitcoin’s extraordinary rise.
With its most recent surge, the cryptocurrency’s market valuation reached an astounding $2 trillion, making it the 18th most valuable asset in the world, surpassing the Canadian, Taiwanese, and Australian dollars. The 7% price increase coincided with a 33% increase in trade volume, making it exceed $91 billion. Strongly positive investor sentiment persisted, supported by the next administration’s promising regulatory outlook.
The market’s excitement was reflected in U.S. spot Bitcoin ETFs, which saw inflows for the fifth day in a row on December 4.
Prominent politicians and business leaders commented on the milestone. Elon Musk, a member of Trump’s leadership team, praised El Salvador President Nayib Bukele’s efforts to encourage the use of Bitcoin in a message on X (previously Twitter). El Salvador’s cryptocurrency holdings have increased by 117%, according to Bukele, who has pushed for Bitcoin to be accepted as legal tender in his country. This further solidifies El Salvador’s standing as a pioneer in cryptocurrency innovation.
Trump’s positive tone on Bitcoin represents a significant shift in his position. In 2019, he regarded it as “highly volatile,” but his current remarks indicate a change. During his campaign, Trump said, “Crypto is leaving the U.S. due to antipathy toward it.” “If we are going to embrace it, we will have to let them be here.”
Following his election victory in November, Trump’s pro-crypto rhetoric struck a chord with investors and helped spark a larger boom in the cryptocurrency market. With the achievement of Bitcoin, hope for a more benevolent regulatory framework that would encourage innovation and uptake in the industry is only increasing.
