Crypto has an ally in the White House. What’s ahead for digital currencies in 2025.

That has helped fuel a blistering run in bitcoin, the world’s largest cryptocurrency. The price of bitcoin breached $100,000 for the first time in December and has more than doubled in 2024. It recently traded around $94,448. Smaller tokens including ether and solana have also jumped.

Some enthusiasts believe that the monster rally is just getting started. Here’s what you should know about bitcoin’s wild run:

1. Trump has made big crypto promises

The president-elect has promised to make the U.S. the “crypto capital of the planet."

On the campaign trail, he positioned himself as a champion of digital assets and their devotees. He pledged to draft regulations that treat crypto differently from the way stocks and bonds are treated and to create a strategic bitcoin reserve to hold the nation’s supply.

Trump launched a crypto project with his family, courted the votes and money of industry bigwigs and even bought burgers for patrons at a New York bitcoin-themed dive bar.

“We’re going to do something great with crypto," Trump told CNBC this month after ringing the New York Stock Exchange’s opening bell. “Others are embracing it, and we want to be ahead."

The president-elect hasn’t always supported digital assets. He previously said they are based on “thin air" and called bitcoin a “scam against the dollar." In 2022, he changed his stance and launched his own line of NFTs, or nonfungible tokens, which are crypto’s version of trading cards.

2. Crypto allies are filling top government posts

Trump has picked many crypto allies for senior positions in his administration.

Paul Atkins, a crypto-friendly conservative lawyer, is set to lead the Securities and Exchange Commission. Current Chair Gary Gensler, who has sued many of the largest crypto exchanges in recent years, plans to step down on Inauguration Day.

Howard Lutnick, chief executive of Cantor Fitzgerald, a financial firm that owns a large chunk of cryptocurrency firm Tether’s assets, is Trump’s pick for commerce secretary. Venture capitalist David Sacks will be the new White House AI and crypto czar.

Trump also announced the creation of the Department of Government Efficiency, or DOGE, led by Elon Musk and biotech company founder Vivek Ramaswamy. Musk is a well-known supporter of doge, a popular meme coin.

3. Crypto execs are lobbying for friendly laws

Crypto traders and executives want the Trump administration to create a rulebook that treats the industry differently from Wall Street, including friendlier legislation and rule-making.

Bitcoin bulls say a national strategic bitcoin reserve could help legitimize digital tokens and in turn boost their value and quell sharp price swings.

Crypto traders are meeting Trump’s early plans with enthusiasm. Investors have stampeded into exchange-traded funds tied to bitcoin, helping drive up its price. They have poured more than $12 billion into U.S.-listed spot bitcoin exchange-traded funds since Election Day, according to Morningstar Direct data through Tuesday.

Crypto executives are also hoping to form a better relationship with banks, which have largely steered clear of the industry after the collapse of two crypto financial firms and several lawsuits filed by banking regulators against crypto companies.

“For the banking industry to not want to serve crypto, as if it was some illegal venture, to me is quite shocking," said Bobby Zagotta, chief executive of crypto exchange Bitstamp USA. “I’m hoping this administration straightens [that] out."

4. Some Wall Street heavyweights are changing their tune

Key players on Wall Street are jumping into the crypto craze.

BlackRock, whose chief executive Larry Fink is a crypto critic turned believer, launched in January its iShares Bitcoin Trust ETF, a fund that allows everyday investors to purchase bitcoin in their brokerage accounts as easily as stocks. Options on the ETF made their debut in November.

Rick Wurster, Charles Schwab’s incoming chief executive, said the company is looking into offering spot trading in cryptos such as bitcoin and ether on its trading platform when regulations become less stringent.

Goldman Sachs disclosed in November more than $700 million in crypto ETF holdings. Chief Executive David Solomon has previously expressed wariness about digital assets, though he has called blockchain a “promising technology."

5. The big question: Where will prices go?

There is no telling whether cryptocurrencies, known for their boom and bust cycles, will continue their exuberant run.

“The market believes there is a large pile of catalysts on the horizon. However, we don’t have any of them yet," said Alex Thorn, head of research at Galaxy Digital. “Policies could be good, but underwhelm the market."

It wasn’t long ago that bitcoin’s ascendance to $100,000 seemed unthinkable. In 2022, the price of bitcoin plummeted below $16,000 after the collapse of Sam Bankman-Fried’s crypto exchange FTX.

Some analysts say the Trump presidency is likely to create volatility across asset classes because of the president-elect’s tendency to make offhand, market-moving comments. Such an environment has helped bitcoin in the past.

Those factors have crypto enthusiasts feeling bullish. They are piling into bets that will pay out if bitcoin reaches $120,000 or jumps even higher in the next few months, according to Deribit’s data.

“I think bitcoin could easily be above $200,000 by the end of 2025," Thorn said.