Cryptocurrencies Bid Farewell to Joe Biden: BTC Surges

The crypto market bids a dramatic farewell to what it saw as its number one public enemy—the Biden administration—while extending a warm welcome to Donald Trump.

Cryptocurrencies are riding a strong bullish wave, with Bitcoin (BTC) continuing its ascent and surpassing $103,000 once again. Currently trading above $103,100 on Binance, Ethereum (ETH) is also showing steady growth, crossing the $3,400 mark.

Altcoins are performing notably well, with tokens like XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) gaining between 5% and 8% in the past 24 hours. Litecoin (LTC) stands out with a surge exceeding 10%, fueled by speculation over the potential approval of spot ETFs for the cryptocurrency.

Trump’s Role in the Crypto Revival

The primary driver behind this renewed momentum in the crypto market is none other than Donald Trump. The president-elect reportedly plans to prioritize cryptocurrencies as a matter of national importance, with some measures potentially rolling out shortly after his inauguration on January 20. Speculation is rife that Trump could establish a cryptocurrency advisory council to align digital assets with his political agenda.

Market Expectations

One of the most discussed proposals is the creation of a strategic Bitcoin reserve, a key promise from Trump’s election campaign. Rumors suggest that the reserve could be funded by $20 billion worth of Bitcoin previously confiscated by the government. If realized, this move would cement an official stance on cryptocurrencies and signify a groundbreaking shift in U.S. monetary policy.

However, Trump’s plans are not without controversy. Critics question the feasibility of such initiatives, citing concerns over crypto volatility, cybersecurity challenges, and the potential politicization of the market.

In a related development, Scott Bessent, Trump’s nominee for Treasury Secretary, voiced his opposition to a Central Bank Digital Currency (CBDC) during a Senate hearing. “I don’t believe the U.S. needs a CBDC; it’s a tool more suited to countries with fewer investment options,” Bessent stated. He also hinted at his support for the proposed strategic cryptocurrency reserve.

Odds of Success

On Polymarket, a popular betting platform, traders currently assign a 65% probability to the creation of the strategic Bitcoin fund. This optimism reflects growing anticipation of Trump’s administration taking significant steps to integrate cryptocurrencies into national policy.