Bitcoin Surges Past US$109,000 Amid Anticipation of Trump’s Crypto Moves

Bitcoin shot past the US$109,000-mark early Monday, riding a wave of optimism in the cryptocurrency community that President-elect Donald Trump will soon take sweeping actions to reshape the industry.

Once a vocal sceptic of digital currencies, Trump has emerged as a passionate advocate. During his campaign, he promised to transform the United States into the “crypto capital” of the world. He has outlined bold plans that include creating a U.S. cryptocurrency stockpile, enacting industry-friendly regulations, and appointing a dedicated crypto official – a move some refer to as a “crypto czar.”

At a Bitcoin conference last summer, Trump reassured attendees, “You’re going to be very happy with me,” hinting at significant regulatory changes on the horizon. Now, as his inauguration draws near, the cryptocurrency market seems to be echoing that sentiment, with Bitcoin surging more than 5% on Friday and climbing over US$9,000 on Monday morning.

Industry Optimism and Uncertain Regulation

Bitcoin, created in 2009, has evolved from a fringe technology to a mainstream financial asset. Despite its volatile nature and association with illicit activities, the crypto sector has weathered scepticism and survived multiple downturns. Analysts point out that Trump’s administration could steer the narrative, shifting from a regulatory crackdown under the previous administration to a more supportive environment.

Wealthy investors and industry insiders, who felt beleaguered by what they viewed as overzealous enforcement during the Biden years, have placed their bets on the incoming administration. The confidence stems largely from Trump's appointments; key cabinet and regulatory positions are now filled by crypto enthusiasts. For example, his selectees to lead the Treasury, Commerce departments, and the Securities and Exchange Commission are known supporters of digital assets.

The Road Ahead: Potential Crypto Council and Reforms

Among Trump’s campaign promises was the creation of an advisory council to draft clear and straightforward regulations on cryptocurrencies within his first 100 days in office. Although details remain sparse, Trump has already taken steps to solidify his advisory team. He appointed tech executive and venture capitalist David Sacks as his crypto czar, and announced former congressional candidate Bo Hines would serve as the executive director of the “Presidential Council of Advisers for Digital Assets.”

“At last year’s conference, Trump promised that new regulations ‘will be written by people who love your industry, not hate your industry,’” one attendee recalled. This sentiment resonates strongly with crypto advocates who are eager for a regulatory climate that fosters innovation rather than stifling it.

Meanwhile, outgoing SEC Chairman Gary Gensler defended his record, pointing to the prevalence of bad actors in the industry. “We had to police an environment that’s fraught with risks,” Gensler told Bloomberg recently. But with new leadership on the horizon, many in the crypto community look forward to what they hope will be a more constructive dialogue on digital asset regulation.

A Turning Point for Crypto?

As Bitcoin’s price continues to rally and industry insiders prepare for a potential sea change in Washington, the coming weeks will be crucial. Investors and observers alike are watching closely to see if Trump’s promises translate into concrete policy actions that reshape the global cryptocurrency landscape. While uncertainty remains, one thing is clear: the crypto community is buzzing with anticipation as America stands on the brink of what could be a transformative era for digital currencies.