After a rough start to the week, the Bitcoin price soared past the $100,000 psychological milestone on Friday and briefly hopped back above $105,000, spurred by optimism as investors prepare for pro-crypto President-elect Donald ***** to assume control of the White House on Monday.
Bitcoin Price Briefly Tops $105K
After the latest market meltdown, the Bitcoin price has breached the six-figure realm, signaling that the bulls are now in command.
The largest and oldest crypto asset gained over 4% in the last 24 hours, rising from just under $90,000 on Jan. 13 to a price of $105,850, according to CoinGecko data. BTC has since cooled to $104,114 as of publication time. Nevertheless, the asset is just 3.5% away from its current all-time high price of $108,135, set in December 2024.
*****’s Swearing-In Is Only Days Away
Expectations among crypto market observers are increasing as Donald *****’s inauguration as the 47th president of the United States on Jan. 20 draws closer. Many anticipate that ***** will implement plans for crypto right from day one in office.
The incoming president pledged pre-election to position the US as a leader in the crypto sector, including establishing a national strategic Bitcoin stockpile similar to gold. This is in stark contrast to the Joe ***** administration’s regulatory crackdowns and regulatory enforcement actions. If this were to be executed, the US Treasury would have to purchase one million BTC over five years, resulting in a supply crunch.
Although direct government BTC buys remain uncertain, prohibiting sales of the US government’s current stash could reduce selling pressure and fortify the top crypto’s position as a legitimate asset class, further incorporating it into global financial markets.
According to a Thursday Bloomberg report, ***** is looking to issue a pro-crypto executive order to elevate digital assets to a “national priority” shortly after his inauguration.
Sources claim that this could include setting up a new crypto advisory council of industry leaders for policy recommendations. ***** is also expected to address crypto-debanking and repeal a bank accounting policy that compels banks to list crypto assets as liabilities.
It’s worth mentioning that the New York Post recently reported that ***** is open to expanding a possible strategic reserve to include a basket of cryptos founded in the U.S., such as USD Coin (USDC), Solana (SOL), and Ripple’s XRP.