Bitcoin broke the much-storied $100k barrier yesterday for the first time in its history. Eric Trump, Donald Trump’s second eldest son , shared a post on X that included a screen grab of the latter’s post on Truth Social. According to the younger Trump, his father, the 45th president of the United States, was ecstatic about the development and claimed credit for it. He then ended it with a typical Make America Great Again Rhetoric. Image Source: X Bitcoin’s Latest Price Action The largest cryptocurrency by market capitalization went above $104k in the trading session earlier yesterday but has since dropped below $100k once again. However, one of the biggest and most storeyed price resistances in digital currency history has been subdued, and commentators took a moment to celebrate this occasion. Some called it a watershed moment in the history of the digital currency revolution, while others called it a launchpad for further price action going into 2025. Did Trump Cause Bitcoin to Go Above $100k? Donald Trump loves to take credit for positive developments from around the world. Bitcoin did benefit from Trump’s victory in the 2024 presidential election, but to say that he is the sole reason or even the biggest one behind the $100k move is highly inaccurate. Trump famously opposed Bitcoin during his 2016-2020 presidency and once compared the premier digital currency to a scam in a 2018 presidential address. He also stated his desire to ban the cryptocurrency in America. However, Bitcoin paid no heed to his threats and continued to grow strongly over time. It was only in 2022 that Trump changed his original position and started courting crypto users and their votes. By then, the blockchain economy had grown to become a huge industry with tens of millions of users in the US. They readily started to support Trump, as the alternative was the Democrats, who wanted to censure the trillion-dollar decentralized economy even further. Trump was one of many factors that helped Bitcoin go above $100k, but the real challenge will be upon him soon. So far, all of his rhetoric has been talking and political point-scoring. It remains to be seen whether he will walk the walk on the matter once he takes oath as the 47th president of the United States on January 20, 2025.
