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Bitcoin Surges Past $106,000 Ahead of Trump's Inauguration, Aiming to Make U.S. Crypto Capital

Jan 19, 2025, 02:36 AM

Bitcoin has surged past $106,000, driven by optimism in the cryptocurrency industry ahead of Donald Trump's inauguration as president. Trump, who once criticized bitcoin as a potential scam, has since embraced digital currencies, launching a new cryptocurrency venture and promising to make the U.S. the 'crypto capital' of the world. His plans include creating a U.S. crypto stockpile, enacting industry-friendly regulations, and appointing a crypto 'czar' to his administration. The price increase follows Trump's victory in the November election, with bitcoin having topped $100,000 for the first time last month before briefly falling to about $90,000 earlier this week. On Friday, bitcoin rose about 5% to around $104,000. Trump's cabinet and regulatory picks are filled with crypto supporters, and the industry is hosting a 'Crypto Ball' to celebrate the incoming 'crypto president.' Trump has also promised to establish a Crypto Council within the first 100 days of his presidency, a Strategic Bitcoin Reserve to be administered by the Treasury Department, and to commute the life sentence of Ross Ulbricht, the founder of the Silk Road website.