2024-12-12 18:17 |
Bitcoin smashed its $100,000 price target on Dec. 5 for the first time ever and U.S. President-elect Donald Trump took a victory lap alongside Bitcoiners, claiming credit for the asset’s astronomical price rally.
Now, a recent report claims that Trump wants BTC to continue on its uptrend and eventually reach $150,000, reflecting his focus on the token’s price as a measure of the United States’ economic success.
Trump Aims For $150,000 BTCAs per an Axios report on Dec. 10, which cited an unnamed “transition” source, Trump has expressed a desire for Bitcoin to surpass $150,000.
The source claimed that the President-elect “is going to be very focused on the price of Bitcoin” as the top crypto is “another stock market” for the billionaire politician. During his first term in office, Trump often highlighted the performance of the stock market as a measure of how well his administration was managing the country’s economy.
Bitcoin and other crypto assets have witnessed a dramatic surge since his election victory against Kamala Harris in early November, with BTC recently spiking past the $100,000 milestone. The asset’s lifetime high price mark now stands at $103,679.
Trump began courting the Bitcoin community earlier last year, even making several promises at the Bitcoin 2024 conference in Nashville. Since then, he has followed through on one of those promises: The President-elect recently nominated pro-crypto regulator Paul Atkins as SEC chairman. Atkins will replace crypto foe Gary Gensler who is set to resign in January.
Axios also reported that Trump plans to promote crypto-friendly regulations and end perceived regulatory hostility in the US during his regime.
Will Trump Keep All His Campaign Promises On Crypto?Trump also previously vowed not to sell any of the United States Bitcoin confiscated from criminals and establish a national BTC reserve. After the election victory, Wyoming Senator and Trump supported Cynthia Lummis in fact submitted legislation for the government to purchase 1 million BTC and hold it for at least 20 years.
However, former New York Federal Reserve Bank President Bill Dudley has cast doubt on Trump’s plan to create a Bitcoin reserve. Dudley said that despite Bitcoin’s parabolic surge to over $100K, it was “hard to fathom” how the government holding the crypto would benefit its citizens.
According to him, Bitcoin doesn’t qualify as money as it is slow and expensive to conduct transactions and people often lose access to their crypto wallets. Dudley believes the main reason Bitcoin enthusiasts have supported policies to create a national reserve would be to “send the price soaring” rather than confer benefits on American non-HODLers.
Dudley is not the only former government official to criticize the plan. As ZyCrypto covered earlier, US Treasury Secretary Lawrence Summers called Trump’s idea “crazy,” contending that establishing a BTC reserve would merely be an attempt to “pander to generous special interest campaign contributors.”
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