The value of cryptocurrency Bitcoin surged to an all-time high of nearly USD 110,000 per bitcoin, as the crypto world reacted to Donald Trump’s return to the White House Monday.
The unexpected rally coincided with the launch of rival “meme coins” by Trump and his wife, Melania, over the weekend. Meme coins are a peculiar and highly volatile corner of the crypto industry, often started as a joke (dogecoin, for example) or, in the Trumps’ case, as a means to express support, “not an investment opportunity,” according to a website selling them.
The surge sent Bitcoin to levels not seen since Trump’s election victory in November last year and raised expectations of a major shift in US cryptocurrency policy. With Trump poised to take office today, many anticipate a “pro-crypto” agenda that could include the creation of a US Bitcoin reserve.
On social media, Bitcoin developer Samson Mow called the market rally a “god candle,” a term used to describe a dramatic spike in Bitcoin’s price on a trading chart. The price reached USD 109,400 on Coinbase, reflecting the market’s optimism for the coming changes.
Lark Davis, a popular Bitcoin influencer, has pointed to the possibility of the US creating a strategic Bitcoin reserve in 2025, which he believes could drive Bitcoin’s price even higher. Davis noted that the odds of this happening have greatly increased, citing a market demonstrating growing confidence in the move.
Trump’s pro-crypto rhetoric, including his promise to establish a national Bitcoin reserve, has been a key factor driving the market’s optimism. Speaking at the Bitcoin 2024 conference, Trump predicted Bitcoin could one day surpass gold’s USD 16 trillion market cap.