LONDON: Bitcoin surged to an all-time high above $109,000 on Monday as former US President Donald Trump, known for his pro-cryptocurrency stance, prepares for his inauguration.
The world’s leading cryptocurrency soared to a record $109,241 before slightly retreating to $107,765. Bitcoin’s rally gained momentum following Trump’s victory in the November election, surpassing the $100,000 mark for the first time in early December.
Trump’s nomination of cryptocurrency advocate Paul Atkins to lead the US Securities and Exchange Commission has fueled optimism regarding potential deregulation in the sector. Despite previously calling cryptocurrencies a “scam,” Trump became a vocal supporter during his campaign.
In a bold move over the weekend, Trump introduced his own cryptocurrency, dubbed $TRUMP, which rapidly gained popularity, reaching a multi-billion-dollar market capitalization. Additionally, Melania Trump launched her own digital currency, currently valued at $12.03 with a market cap of $1.9 billion, according to Reuters.
After Bitcoin surpassed the $100,000 milestone, Trump took to his Truth Social platform, celebrating with the post: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Bitcoin has remained a focal point of discussion due to its volatility and association with high-profile financial collapses, including the downfall of the FTX exchange.
Initially introduced in 2008 under the pseudonym Satoshi Nakamoto, Bitcoin was designed as a decentralized alternative to traditional financial systems. It operates through blockchain technology, where miners earn new coins by solving complex mathematical problems to validate transactions securely.
Despite its success, Bitcoin continues to face criticism for its role in illicit activities on the dark web, money laundering, and ransomware attacks. Its environmental impact is also under scrutiny, as mining operations require vast amounts of energy.
