On December 4, former President Donald Trump joined Bitcoin’s historic surge to $100,000, praising the cryptocurrency as its price hits the milestone. Investors were gleamed by the price jump, which made it the all-time high for the world’s largest digital asset, and turned their eyes back to Bitcoin’s growing presence in global markets.
“I am so excited to congratulate BITCOINERS!!! $100,000!!!!! Truth Social post by Trump. “You’re welcome!!! We will make America great again!” together.” Trump outdid himself with the message, the style of which was typical of his larger-than-life persona, taking a swipe at bitcoin but delivering the news with a positive message about bitcoin’s achievement as a symbol of economic success under his auspices.
Trump’s Support for Crypto Boosts Market Sentiment
The market capitalization of Bitcoin has seen a nice climb to six figures, as it’s value increased by a jaw-dropping 7%, pushing the crypto’s market cap past a crushing $2 trillion. Bitcoin is now the 18th biggest asset in the world by Asset Market Cap, higher than the Canadian dollar, Taiwanese dollar, Australian dollar, and the Brazilian real combined.
Such optimism around a positive regulatory environment under the new administration is driving a rally. Bitcoin’s trading volume rose by 33 percent to $91 billion as investor confidence surges. It is a bullish outlook, with market participants giving an 80 percent positive sentiment.
It’s not just Bitcoin, though. On December 4, U.S. spot Bitcoin ETFs continued to attract inflows for the 5th consecutive day: as investor interest in Bitcoin-based financial products increased.
Notably, Tesla CEO Elon Musk, a leader steeped in Trump’s inner circle, also chimed in on the milestone, stressing how he admires the cryptocurrency’s performance. Musk then pointed to El Salvador’s Bitcoin portfolio as an example of the asset’s long-term potential on X (formerly Twitter).
President of El Salvador, Nayib Bukele, has been very vocal on the matter of Bitcoin, adopting it as legal tender, making El Salvador a global crypto hub. The country’s crypto holdings, according to Bukele’s recent post, have increased by at least 117%.
It’s a fairly recent shift of stance for Trump to embrace cryptocurrency. During the first term, he expressed being unconvinced by Bitcoin due to concerns over its volatility. Although in the current election cycle Trump has reversed his position and appears more amenable to digital assets. “There’s so much hostility toward it, crypto’s moving out of the U.S.” I don’t want that. We are going to embrace it, we are going to have to let them be here,” Trump signaled he’d try to create a more hospitable environment for crypto innovation.
With a significant rally in the cryptocurrency market currently underway due to Trump’s election victory last month, Bitcoin and other electronic currencies have risen in price already. A growing number of things are pointing to Bitcoin continuing to curve up over the coming years as the incoming admin prepares to enter office.
Bitcoin is now firmly in the $100,000s, Trump’s exaltation of the landmark points to the blurring of politics and cryptocurrency, as digital assets redefine finance.
