As Donald Trump prepares to be sworn in for his second term on January 20, the world is watching with curiosity and the crypto market is already reacting. Bitcoin hit an all-time high of $109,241, up 6% in an hour, as traders speculate on what pro-crypto policies Trump may announce. Here’s what to expect!
Trump inauguration ceremony
The inauguration ceremony will begin at 12 p.m. ET (5 p.m. GMT), where Chief Justice John Roberts will administer the oath of office. Trump’s victory over Kamala Harris in the 2024 presidential election brought him back to the White House.
The crypto market is growing with enthusiasm, fueled by Trump’s promise to transform the United States into a global crypto hub. Just hours before the ceremony, Bitcoin hit a record high of $109,000, with a market cap of $2.15 trillion.
Other cryptocurrencies also saw significant gains, with Ethereum jumping 6% to $3,384.20. Meanwhile, XRP and Dogecoin saw notable increases of 5% and 2.4%, respectively.
The Trump administration’s pro-crypto movements
The Trump administration is already taking steps that could benefit the crypto market by appointing crypto-friendly leaders to key positions. He chose Paul Atkins, a former SEC official known for his support of deregulation, to lead the Securities and Exchange Commission (SEC).
Additionally, David Sacks, a former PayPal executive, was named White House crypto czar. Sacks will work to develop a legal framework for cryptocurrencies, a move long awaited by the industry.
Trump also created a new Department of Government Effectiveness, led by Elon Musk and Vivek Ramaswamy, to drive innovation and reduce government costs.
Experts speak out
Market analysts are optimistic about the impact of Trump’s presidency on digital assets. Xremlin, a well-known market expert, believes that this could be a “golden age” for crypto. He predicts that US coins and assets linked to the Trump family could see significant growth.
Notably, Eric Trump has already revealed his investments in Bitcoin, Ethereum, Solana and Sui, signaling his confidence in established crypto assets.
Some experts even believe that Trump’s inauguration speech could propel Bitcoin prices to $120,000 or more.
