Trump Takes Credit for Bitcoin's $100,000 Milestone as Pro-Crypto Administration

President-elect Donald Trump is quickly claiming credit for Bitcoin’s recent price surge and the wealth it's creating for digital asset holders.

In a post early Thursday on his Truth Social platform, Trump wrote: "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!"

Elon Musk Quietly Increases U.S. Bitcoin Reserve Bets as Price Tops $100,000. Bitcoin hit the $100,000 mark late Wednesday, after hovering around the $90,000 range for several weeks. The cryptocurrency’s price skyrocketed following Trump’s clear election win in November, jumping $20,000 in just seven days—from approximately $68,318.

Year-to-date, Bitcoin has surged by over 130%, and many in the cryptocurrency community are not shy about acknowledging Trump’s influence on the rally.

"His name is President Pump. Up only," David Bailey, CEO of Bitcoin Magazine and the Bitcoin Conference, humorously wrote on X.

The pro-crypto community has also been encouraged by Trump’s latest Cabinet pick. In nominating Paul Atkins to head the Securities and Exchange Commission (SEC), Trump noted Wednesday that Atkins "recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."

Atkins, the head of Patomak Global Partners, a financial advisory firm that works with crypto clients, has been a strong advocate for the industry. He also serves as an adviser to the Chamber of Digital Commerce, a prominent crypto advocacy group, and has helped establish best practices for regulating digital assets through the chamber’s Token Alliance.

Crypto supporters have been critical of outgoing SEC Chair Gary Gensler, who is viewed by many as taking a more restrictive stance on the digital currency space. With Atkins poised to take over, the crypto community is hopeful for a shift toward a more favorable regulatory environment.

As Bitcoin continues to make headlines with its soaring value, it’s clear that Trump's influence and the government's evolving stance on digital assets are playing a key role in shaping the future of cryptocurrency.

"It's hard to overstate the magnitude of the shift we're likely to see with Paul Atkins leading the SEC," said Jake Chervinsky, Chief Legal Officer at financial tech firm Variant. "Crypto has always faced uncertainty and hostility from U.S. regulators. This moment marks a regulatory turning point before a new era for digital assets."

Atkins' nomination completes a Trump administration that's fully committed to supporting crypto.

Trump's choice for Treasury Secretary, Scott Bessent, has been vocal about the benefits of digital assets, saying in a Fox Business interview earlier this year: "Crypto is about freedom, and the crypto economy is here to stay. It’s bringing in young people, those who haven’t participated in markets before." Forbes also reported that Bessent has invested in blockchain startups and decentralized finance (DeFi) projects.

Other key figures in Trump’s incoming administration, including Vice President-elect JD Vance, Health and Human Services nominee Robert F. Kennedy Jr., and Commerce Secretary pick Howard Lutnick, have also shown support for and invested in cryptocurrencies.

During his presidential campaign, Trump made cryptocurrency a central focus. This summer, he delivered a keynote speech at the Bitcoin Conference in Nashville, Tennessee, where he acknowledged his limited understanding of the technology but vowed to make America "the crypto capital of the planet."

“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate it,” Trump declared at the event.

More about this article.

Bitcoin’s Surge and the Growing Buzz Around a U.S. Strategic Reserve: Trump and Musk’s Influence on Crypto

Bitcoin’s recent surge past $100,000 has caught the attention of major figures in the crypto world, especially President-elect Donald Trump and Tesla CEO Elon Musk. Both have been closely associated with cryptocurrencies in the past, and now their renewed involvement has sparked widespread speculation about the future of digital assets under Trump’s administration. Following Trump’s election victory, Bitcoin saw a sharp increase, with many pointing to the broader pro-crypto environment expected from the incoming White House. Musk, who has been a key influencer in the crypto space, has once again entered the conversation, raising the possibility of a U.S. Bitcoin strategic reserve.

Musk’s Role in Trump’s Crypto Vision

Elon Musk, once a vocal supporter of Bitcoin and other cryptocurrencies, had distanced himself from the market after the 2021 bull run. However, he’s recently re-engaged with crypto discussions, particularly around El Salvador’s success with Bitcoin as an investment. Musk’s endorsement of Bitcoin, coupled with his advisory role to Trump, has led many to wonder whether the U.S. could adopt a similar strategy to El Salvador, potentially using Bitcoin to help reduce the national debt, which currently stands at $35 trillion. Musk’s influence in shaping U.S. policy is growing — he's reportedly been involved in advising Trump on cabinet appointments and economic decisions, which could pave the way for a more crypto-friendly government.

Trump’s Vision for a U.S. Bitcoin Reserve

One of Trump’s more ambitious proposals is the creation of a U.S. Bitcoin strategic reserve. At the Bitcoin 2024 conference, Trump discussed the idea of the U.S. purchasing 1 million Bitcoins over five years to help address the country’s spiraling national debt. This vision aligns with a proposal from Republican Senator Cynthia Lummis, who introduced the BITCOIN Act, aiming to use Bitcoin as a tool for reducing the debt. Trump’s choice for Treasury Secretary, Scott Bessent, who has supported cryptocurrencies, also hints that the incoming administration could take a more crypto-friendly approach, increasing the likelihood of a national Bitcoin reserve becoming a reality.

Market Speculation and Reactions

The idea of a U.S. Bitcoin reserve has sparked excitement among crypto enthusiasts. Many believe that such a move could dramatically boost Bitcoin’s value, possibly pushing it beyond $200,000. Richard Ptardio, a financial analyst, suggests that with Musk backing Trump’s crypto initiatives, the U.S. could become the most pro-crypto administration in history. If a Bitcoin reserve were implemented, it could have profound implications for the market, particularly given Bitcoin’s growing prominence as an alternative asset.

However, some experts remain skeptical about the chances of the U.S. adopting such a policy. Geoff Kendrick from Standard Chartered believes the likelihood of the U.S. creating a Bitcoin reserve is low in the near future, though he acknowledges the potential market impact if it were to happen. There are significant challenges involved in implementing such a policy, particularly given the U.S. government’s historical reluctance to engage directly with cryptocurrencies. Still, Fadi Aboualfa from Copper suggests that the U.S. could start by halting the sale of Bitcoin seized from criminals, which could lay the foundation for a strategic reserve without requiring new purchases.

Conclusion: A Shift Toward Crypto?

While the creation of a U.S. Bitcoin strategic reserve remains speculative, the growing support from Trump, Musk, and other crypto-friendly figures signals a potential shift toward more favorable policies for digital assets. If such a reserve were to be established, it could mark a pivotal moment in the integration of cryptocurrencies into national economic strategies. Regardless of whether this vision becomes a reality, the involvement of figures like Trump and Musk in shaping crypto policy will undoubtedly influence the future of Bitcoin and the broader cryptocurrency ecosystem.

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