Bitcoin price set to break records as Trump champions cryptocurrency

The price of Bitcoin is tipped to continue to hit record levels on the back of growing confidence in the cryptocurrency’s future following Donald Trump’s election success.

With Mr Trump providing a more-than-favourable outlook for crypto, the currency’s value has surged in recent weeks.

Bitcoin has risen 25% since the end of October and more than doubled so far this year, with its total market value currently estimated at around US$1.8 trillion.

Advisory council

The latest surge follows President-elect Trump’s strong promotion of Bitcoin in the election lead-up, in particular his promise to establish a crypto advisory council.

According to Reuters, several leading crypto companies are now putting forward their cases to be included in the council, which is rumoured to be considering the establishment of a strategic Bitcoin reserve.

There are also calls for the new government to include executive orders guaranteeing crypto companies’ access to banking services, an end to enforcement actions and other changes.

Analysts are forecasting that the cryptocurrency’s value could hit US$100,000 in the near future and eventually reach US$1 million.

SEC resignation

Mr Trump’s support for cryptocurrency has not been welcomed by all, with reports that chair of the US Securities and Exchange Commission (SEC) Gary Gensler will resign from his role on the day of Mr Trump’s inauguration. Monday 20 Jan 2025.

Mr Gensler, who has publicly raised concerns about the legality of some of those operating in the crypto world, said he would step down as soon as Mr Trump took up the presidential reins.

“I thank President Biden for entrusting me with this incredible responsibility,” Mr Gensler said.

“The SEC has met our mission and enforced the law without fear or favour.”

Mr Trump had previously stated he planned to sack Mr Gensler on “day one” of his new administration after the chair had initiated legal action against crypto firms.