Bitcoin Surpasses $109,000 As Trump Prepares for Inauguration

Bitcoin, the world’s largest cryptocurrency, surpassed $109,000 on Monday, setting a new record high. This rise occurs as President-elect Donald Trump prepares to be sworn in for his second term. Investors are enthusiastic about the next administration’s anticipated cryptocurrency-friendly policies.

Bitcoin’s price rose to $109,241 early in the day before settling at $107,765 around 7:40 AM GMT. This increasing trend has continued after Trump’s election triumph in November, with Bitcoin surpassing the $100,000 mark for the first time in early December.

Contributing to this momentum, Trump recently introduced his own cryptocurrency, dubbed the “Trump meme coin.” Initially priced at $10, the coin’s value surged to about $70 before stabilizing around $5. This move is seen as a clear indication of Trump’s supportive stance toward digital assets.

During his campaign, Trump pledged to establish a federal “Bitcoin stockpile,” aiming to position the U.S. as a leader in the cryptocurrency sector. He also appointed several crypto-friendly figures to key positions, including Elon Musk and David Sacks, signaling potential regulatory easing for the industry.

Despite the enthusiasm, cryptocurrencies have faced criticism for their association with illicit activities and environmental concerns due to the significant energy consumption required for mining. As the industry evolves, balancing innovation with regulation remains a critical challenge.