Donald Trump takes credit for Bitcoin’s $100,000 milestone: ‘Congratulations Bitcoiners. You’re welcome’
- US President-elect Donald Trump took credit for Bitcoin’s rise past the $100,000 mark, celebrating the cryptocurrency’s 50% surge since his election win. He shared his thoughts on Truth Social, telling Bitcoin supporters, 'You’re welcome!'
US President-elect Donald Trump has taken to social media to claim credit for Bitcoin’s recent surge past the $100,000 mark, following a massive rally in the world’s most popular cryptocurrency.
On Thursday (December 5), Trump posted on his Truth Social platform, congratulating Bitcoin supporters for the milestone. He wrote: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!”
The timing of the statement comes just months after Trump launched his own crypto platform in September, which he had suggested would help drive innovation in the sector.
Bitcoin surpasses $100,000 amidst massive rally following Trump’s election win
Bitcoin surged past $100,000 for the first time, fueled by a massive rally. The rally was sparked by Trump's announcement that he plans to nominate cryptocurrency supporter Paul Atkins as the next chair of the Securities and Exchange Commission.
Since Trump's victory on November 5, Bitcoin has risen significantly, climbing from $69,374 on Election Day to a high of $103,713 on Wednesday (December 4), according to CoinDesk. Just two years ago, the cryptocurrency had fallen below $17,000 after the collapse of crypto exchange FTX.
Although Bitcoin dropped slightly below $103,000 early Thursday (December 5), Bitcoin futures have increased by more than 4%.
Also Read | Bitcoin euphoria threatens to break these ETFs
Bitcoin’s rally to $100,000 has been seen as a combination of factors. As of now, Bitcoin has seen tremendous gains since Trump's victory.
Bitcoin's surge: Trump's pro-crypto stance
Bitcoin’s recent surge is attributed to the outcome of the US presidential election. President-elect Donald Trump, who once expressed skepticism about cryptocurrency, has changed his stance. He has vowed to position the US as “the crypto capital of the planet” and even proposed creating a "strategic reserve" of Bitcoin.
Trump’s campaign also embraced cryptocurrency, accepting donations in digital currency, and he engaged with crypto enthusiasts at a Bitcoin conference in July.
The crypto community has welcomed Trump’s victory, hopeful that his leadership will result in legislative and regulatory reforms that promote legitimacy for the industry, while minimizing excessive regulation.
Cryptocurrency: What you need to know
Cryptocurrency has gained increasing attention in recent years, but it has been around for quite some time. In simple terms, cryptocurrency is digital money designed to operate without the need for a central authority, such as a government or bank. Transactions are recorded on a technology called blockchain, ensuring security and transparency.
Bitcoin, the largest and oldest cryptocurrency, is often the most recognized, but others like Ethereum, Tether, and Dogecoin have also risen in popularity. While some investors view cryptocurrencies as a “digital alternative” to traditional currencies, most daily transactions are still carried out using fiat currencies like the dollar. However, Bitcoin and other cryptocurrencies can be highly volatile, with their values influenced by broader market conditions.
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Business NewsNewsUs NewsDonald Trump takes credit for Bitcoin’s $100,000 milestone: ‘Congratulations Bitcoiners. You’re welcome’
First Published:5 Dec 2024, 07:23 PM IST
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