Bitcoin is setting the stage for its biggest milestone to date. The world’s most popular cryptocurrency is poised to cross $100,000 very soon as it continues to benefit from the election of Donald Trump.
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Bitcoin has doubled in price since the start of the year. But it’s the 45% surge in the two weeks since the presidential election that made Bitcoin a major pillar of the “Trump trade.” The president-elect embracing the cryptocurrency industry has investors very bullish on the nascent asset class.
Over the summer, Trump gave the keynote address at the Bitcoin2024 conference and promised to fire U.S. Securities and Exchange Commission Chairman Gary Gensler on his first day. In anticipation of the move, Gensler announced Thursday, Nov. 21, he would resign from the position on Jan. 20, 2025, as Trump is being sworn in to office.
Point phone camera here
Gensler could have stayed with the agency as a commissioner through his term ending in 2026. But leaving the position opens the door for the future president to install someone who has a more favorable view of cryptocurrency.
The SEC under Gensler launched a legal fight to block Bitcoin ETFs. It lost its fight and has since approved a number of spot Bitcoin exchange-traded products, where billions of dollars have flowed. The SEC also took on companies that sold and held crypto during his time in the chair.
Gensler’s resignation announcement further cemented Bitcoin’s rally. He’s often faced criticism from crypto supporters because their favorite asset was a target of his.
“I will appoint a new SEC chairman who believes America should build the future, not block the future, which is what they’re doing,” Trump said during his address to Bitcoin2024 in July.
Since winning the election, Trump has announced picks to run agencies at a record pace. But he’s been relatively quiet about who will run the SEC.
Trump could make good on the promise of a crypto-friendly chair. CoinDesk reports he’s considering crypto lawyer Teresa Goody Guillen, formerly of the SEC and co-lead of law firm BakerHostetler’s blockchain practice.
“Upon taking office, I will immediately appoint a Bitcoin and crypto presidential advisory council,” Trump said in July.
There is a lot of interest in joining that council. Reuters reports high-profile crypto companies, including Ripple, Kraken and Circle, are all pushing for seats on the council.
Trump recently met with Coinbase CEO Brian Armstrong. It’s unclear what they discussed, but a source told Reuters he is interested in joining the council. Reuters reported the Trump transition team has also been getting advice from former CFTC Chair Heath Tarbert, now with Circle, and former CFTC commissioner Brian Quintenz, now with a16z crypto.
It’s expected the council will be part of the White House Economic Council, although there aren’t concrete details at this time.
“Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days,” Trump said in July. “We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive.”
The Bitcoin boom received some more air last week when Minneapolis Federal Reserve President Neel Kashkari told CoinDesk he’ll “keep an open mind” on cryptocurrency. Kashkari’s comments were a breath of fresh air to people in the industry. Over the years, he downplayed crypto, calling it “worthless,” fraudulent,” and “nonsense.”
While it looks like Bitcoin will easily surpass $100,000 in the coming days, prediction markets are betting on where it will land before the end of November.
On Polymarket, 46% of bettors see Bitcoin topping $105,000 by the end of the month. At 23%, a more optimistic group thinks it will hit $110,000 and 9% are betting it will go to $120,000.
Tags: 2024 Elections, Bitcoin, Commodity Futures Trading Commission, Cryptocurrency, Donald Trump, Election, Federal Reserve, Gary Gensler, Securities and Exchange Commission, White House
Simone Del Rosario:
Bitcoin is inching closer and closer to a major milestone on Friday. The benchmark cryptocurrency appears poised to cross $100,000 at any moment.
Bitcoin has just been on a tear, doubling in value since the start of the year. But it’s the 40% surge in the two weeks since Donald Trump was elected that made Bitcoin a key pillar of the so-called “Trump Trade.”
Trump’s approach to crypto will be unlike anything we’ve seen from the federal government, and investors are “going to the moon” over it.
Over the summer, Trump positioned himself as the first-ever presidential candidate to embrace the crypto industry and call out government officials who stood in the way of broader adoption.
Donald Trump:
On day one I will fire Gary Gensler and hire a new SEC chairman….
Simone Del Rosario:
President Donald Trump won’t get the pleasure of using his favorite catchphrase.
Donald Trump:
“You’re fired.”
Simone Del Rosario:
Instead, the SEC chair announced Thursday he would resign from his position effective noon Eastern time on January 20 as President Trump is being sworn in.
Gensler could technically stay with the agency until 2026. But vacating the position opens the door for Trump to install a favorable pick in the role. Gensler was often a target of crypto evangelists, and frankly, their favorite asset was a target of his.
The SEC under Gensler launched a legal fight to block Bitcoin ETFs. It lost that fight and billions have flowed into funds since the gates opened in January. The SEC also took on companies that sold and held crypto during his time in the chair.
Donald Trump:
I will appoint a new SEC chairman who believes America should build the future, not block the future, which is what they’re doing.
Simone Del Rosario:
Since becoming president-elect, Trump has announced picks to run agencies at a record pace. But he’s been relatively quiet on the SEC front.
According to Coindesk, he could make good on the promise of a crypto-friendly chair. The crypto publication says he is considering crypto lawyer Teresa Goody Guillen, formerly of the SEC and co-lead of law firm BakerHostetler’s blockchain practice.
But wait, there’s more.
Donald Trump:
Upon taking office, I will immediately appoint a Bitcoin and crypto Presidential Advisory Council. Would anybody like to be on that particular Council? Please raise your hand?
Simone Del Rosario:
And there are a lot of hands in the air. Reuters reports high-profile crypto companies including Ripple, Kraken and Circle are all pushing for seats on the council.
Trump recently met with Coinbase CEO Brian Armstrong. We don’t know all that was discussed but a source told Reuters he is interested in joining the council.
Meanwhile, Reuters says Trump’s transition team has been getting advice from former CFTC Chair Heath Tarbert, now with Circle, and former CFTC commissioner Brian Quintenz, now with a16z crypto.
Trump’s team hasn’t finalized details about this brand new council but he made huge promises at Bitcoin2024 over the summer.
Donald Trump:
Their task will be to design transparent regulatory guidance for the benefit of the entire industry, and they will get it done in 100 days. We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry, people that want to make it clear and simple, straightforward and fair, people that want to see your industry thrive, not dive
Simone Del Rosario:
The Bitcoin boom also got some air last week when Minneapolis Fed President Neel Kashkari told Coindesk he’ll “have an open mind” on crypto. That’s after spending years downplaying the industry, calling crypto “worthless,” fraudulent” and “nonsense.”
While it appears Bitcoin will easily surpass $100 grand, maybe even today, crypto-based prediction market betters are getting in on the action.
On Polymarket 46% of bettors see Bitcoin topping out at $105,000 by the end of November. 23% think it will hit $110,000. 9% are betting it will hit $120,000. Only a total of 5% see it driving up any more than that this month.
But down the road, the biggest enthusiasts see a 7-figure Bitcoin. What do you think? Could Bitcoin hit a million dollars or more? For SAN, I’m SDR.
Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below. Learn more about this data
Left 44%
Center 39%
Right 17%
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57 other sources covering this story
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57
Leaning Left
10
Center
9
Leaning Right
4
Last Updated
1 month ago
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