- The new president has started to fulfil his crypto promises.
- Analysts expect Bitcoin to pump to $200,000 in 2025.
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Hi! Eric here.
Donald Trump has only been in office a few days, but boy what an eventful few days it’s been.On the back of his pro-crypto policies, analysts are making calls that Bitcoin will hit $200,000 before the end of the year.
First, Trump ticked off several campaign promises to the industry from his to-do list.
Then, Trump told the World Economic Forum that he plans to “make the United States a manufacturing superpower and the world capital of artificial intelligence and crypto.”
He freed Silk Road creator Ross Ulbricht, signed a pro-crypto executive order, and vowed to create a new group on digital assets.
The executive order demanded a major overhaul of crypto policy, including a study that would evaluate the creation of a “national digital asset stockpile.”
These moves will surely please the crypto industry, which raised some $197 million to back him and other industry-friendly politicians.
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Not everyone is pleased.
Trump also faces a backlash from both the crypto community and his critics for launching a memecoin and the First Lady-backed Melania memecoin.
And Ethereum co-founder Vitalik Buterin slammed politician-backed memecoins as “the perfect bribery vehicle.” He didn’t mention Trump by name.
Nic Carter, Castle Island Ventures general partner and Trump backer, said on X: “Call me old fashioned but I think presidents should focus on running the country and not launching scam tokens.”
Despite the backlash, Bitcoin’s price has risen in anticipation of an even friendlier environment to come.
Reverend Lorenzo Sewell delivered a passionate benediction at Trump’s inauguration. Then he launched a memecoin. The crypto community was less than pleased.
BlackRock CEO Larry Fink suggested that hints that sovereign wealth funds are actively exploring allocating some of their portfolios to Bitcoin will push the crypto to $700,000.
The cryptocurrency associated with Tornado Cash fell more than a third in the 24 hours after a court case spurred a 150% spike in its value on Wednesday.
Post of the week
Libertarians celebrated Trump’s pardon of Ulbricht. While they raised $270,000 to support the Silk Road founder, the community seized on the chance to poke fun of him.
