The United States is ready to usher in a new era with the Jan. 20 inauguration of Donald Trump as the 47th president. The ceremony marks Trump’s triumphant return to the White House after a four-year hiatus during former President Joe Biden’s administration, and it is already massively lifting spirits and prices across the cryptocurrency market.
Trump’s return aligned with Bitcoin (BTC) price soaring to new highs as anticipation builds for an industry-friendly approach to emerging technologies. Trump’s appointments of crypto-friendly staff to his cabinet, including prominent Silicon Valley investor David Sacks as White House Crypto Czar also has investors feeling optimistic for the future of the industry.
In an interview with Cointelegraph, Eugene Epstein, the head of trading and structured products at Moneycorp, said,
“We have had bull runs in crypto before in a cyclical fashion, but of all times I can remember, this is the first time where the hype is actually at the government level. There has just been a lot of rhetoric so far, and still, it is simply the furthest that crypto has ever come in terms of being accepted.”
A strategic Bitcoin reserve
President Trump’s election victory ignited a massive rally, serving as a key catalyst for bullish activity and driving Bitcoin to surpass an all-time high of $109,000 on inauguration day.
The US is already the largest sovereign holder of Bitcoin, mostly due to judicial seizures. According to data from Bitbo, the country holds over 200,000 Bitcoin in custody—equivalent to nearly $22 billion.
But crypto markets are trading on the expectation that the US will unload massive purchases going forward, Epstein said. During the campaign, Trump floated the idea of building a strategic Bitcoin reserve for the country, akin to El Salvador’s initiative in recent years.
Supporters, including MicroStrategy´s CEO Michael Saylor, Tether, and other major institutional players, have praised this idea, advocating for the US and other countries to accumulate Bitcoin as a means to stave off inflation.
“Masses showed up and voted for more economic freedom in 2024…
..
