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Bitcoin Hits $109,000 as Trump's Pro-Crypto Policies Reshape Wall Street

Jan 25, 2025, 12:30 PM

During his first week in office, President Donald Trump has implemented a series of pro-crypto measures, signaling a significant policy shift that has been welcomed by the cryptocurrency industry and Wall Street. Trump signed an executive order promoting digital asset adoption and established a working group to explore a potential national crypto reserve. The order also called for protections for bitcoin miners and software developers and banned the Federal Reserve from creating a digital dollar. The SEC, under new leadership under Paul Atkins, repealed the controversial SAB 121 rule, easing institutional crypto adoption by removing the requirement for banks to classify cryptocurrencies as liabilities. Bitcoin prices surged to a record high of $109,000 earlier in the week and hovered near $105,000, reflecting market optimism. Coinbase CEO Brian Armstrong and other industry leaders, including Morgan Stanley, have expressed enthusiasm for the changes, which they believe will foster innovation and growth. Additionally, Trump granted a full pardon to Ross Ulbricht, the founder of Silk Road, a move that has resonated with parts of the crypto community. However, controversy surrounds the launch of $TRUMP and $MELANIA meme coins, which have faced criticism for potential conflicts of interest and their impact on the industry's credibility. Bitcoin also briefly touched $110,000, further highlighting market enthusiasm.