Bitcoin Reaches New Record Highs: The "Trump Bump" Phenomenon

Bitcoin has reached a new all-time high, surpassing the 97,522 US dollar mark for the first time. This remarkable rally is being referred to by many as a "Trump-Bump" crypto frenzy. The cryptocurrency has more than doubled in value since the beginning of the year and gained about 45 percent in the two weeks following Donald Trump's election as President of the United States. During his campaign, Trump positioned himself as a pro-crypto supportive candidate and promised to end the "persecution" of the crypto industry and establish the USA as a "Bitcoin superpower." In July, Trump outlined the formation of a crypto advisory board and the creation of a strategic reserve for Bitcoin from seized holdings of financial criminals. In August, he surprised many with the idea of using Bitcoin to settle the US national debt of 35 trillion dollars. "We give them a little crypto check, right? We give them some Bitcoin and pay off our 35 trillion with that," he explained to Fox Business. The crypto boom is further fueled by the election of several pro-crypto representatives to the US Congress, indicating a more favorable regulatory stance toward digital currencies. Public figures like Elon Musk, known for their crypto affinity, are expected to take key positions in the government. One of Trump's first undertakings as President would be the dismissal of the Chairman of the Securities and Exchange Commission, Gary Gensler, who has taken a hard line against the crypto industry over the past three years. Hopes for a pro-crypto-friendly US government are high, and many analysts expect Bitcoin to reach the six-figure mark before the end of the year. "Although it is now clearly overbought, Bitcoin is heading toward the $100,000 mark," Tony Sycamore, an analyst at IG Markets, told Reuters. Will Peck, head of digital assets at WisdomTree, added: "Many are wondering if this government will bring the regulatory clarity the crypto community has been waiting for. Presumably, it is still too early to judge this.