Bitcoin Breaks $98,000 as Investors Back Trump’s Crypto-Friendly Vision

Bitcoin surged past $98,000 on Thursday morning, marking a record high as investors rallied behind President-elect Donald Trump’s reported pro-crypto agenda. While the cryptocurrency later eased slightly, its remarkable climb—up nearly 40% since the November 5 election—reflects growing confidence in Trump’s approach to digital assets.

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Reports suggest Trump’s transition team has been discussing innovative crypto initiatives, including creating a national bitcoin reserve and replacing current SEC Chair Gary Gensler with someone more supportive of blockchain and cryptocurrencies. These developments have further fueled excitement among investors who see bitcoin edging closer to the $100,000 milestone.

Why Is Bitcoin Climbing?

Much of bitcoin’s rally can be attributed to Trump’s perceived crypto-friendly stance. His administration is expected to prioritize blockchain innovation and foster a more open regulatory environment for digital currencies.

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Galaxy Digital CEO Mike Novogratz has voiced his optimism about Trump’s approach. Speaking to Yahoo Finance, Novogratz highlighted the stark difference between Trump’s team and the previous administration.

“Everyone around Trump’s table supports the digital asset space. They believe in the future of blockchain and bitcoin,” Novogratz said. “This is a complete shift from the restrictive policies we’ve seen under Elizabeth Warren and Gary Gensler.”

ETFs See Big Inflows Amid Crypto Boom

The wave of optimism isn’t limited to bitcoin trading—it’s also driving activity in bitcoin-related ETFs. BlackRock’s spot bitcoin ETF (IBIT) saw a massive $13 billion inflow after Trump’s election win. This pushed the iShares Bitcoin Trust past $40 billion in total assets just 10 months after its debut.

Additionally, options tied to the ETF began trading on the Nasdaq earlier this week, bringing even more activity to the crypto space and further boosting investor confidence.

Trump Media’s Crypto Expansion Plans

Adding fuel to the fire, the Financial Times reported that Trump Media & Technology Group is in talks to acquire crypto trading platform Bakkt. This potential acquisition is seen as a significant step toward expanding crypto-related initiatives, signaling that Trump’s administration could heavily integrate blockchain into its economic policies.

What’s Next for Bitcoin?

As bitcoin edges closer to the $100,000 mark, the market remains focused on Trump’s policies. Investors are betting that a crypto-friendly administration will pave the way for broader institutional adoption and innovation in the digital asset space.

Whether it’s through regulatory changes, new ETF approvals, or increased corporate interest, bitcoin’s current trajectory seems poised for further milestones.

With investor enthusiasm running high, all eyes are now on Trump’s next moves and the lasting impact they could have on the cryptocurrency industry.

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