Donald Trump Celebrates Bitcoin’s Record Highs
President-elect Donald Trump praised Bitcoin’s remarkable surge past $100,000, commending Bitcoin investors on his Truth Social platform and attributing the milestone to his influence.
Trump’s Remarks on Bitcoin
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Bitcoin’s Rally and the “Trump Trade”
Following the US election results on November 6, Bitcoin saw a series of all-time highs, with the price reaching a historic peak of $104,611 on December 4. However, at the time of writing, Bitcoin was trading around $98,300 after a slight pullback.
Market Sentiment and Performance
- During this period, Bitcoin delivered a remarkable 36% return.
- Market sentiment was boosted by what traders and analysts referred to as the “Trump trade.”
The Impact of the “Trump Trade”
Bitcoin’s rally gained momentum in early October after a period of stagnation, driven by speculation surrounding the election outcome. Traders and investors flocked to risk assets, including Bitcoin and US equities, in anticipation of a surge in prices if Trump were to win.
Expert Insights
- Standard Chartered’s global head of digital assets research advised investors to buy Bitcoin at $60,000, citing Trump’s potential victory as a key factor.
- VanEck’s head of digital asset research raised the firm’s price target for Bitcoin to $180,000, attributing the bullish outlook to institutional demand and political tailwinds from Trump’s win.
- Bitwise’s CIO described Trump’s presidency as the beginning of a “Golden Age of Crypto,” suggesting that regulatory clarity and institutional demand could further boost Bitcoin’s position.
Bitcoin Market Data
As of December 5, 2024, Bitcoin is ranked #1 by market cap, with a market capitalization of $1.94 trillion and a 24-hour trading volume of $142.94 billion. The total crypto market is valued at $3.56 trillion, with Bitcoin dominance at 54.53%.
