Bitcoin hits record high ahead of Donald Trump's inauguration

Bitcoin, the world’s leading cryptocurrency, reached a record high on Monday morning, surpassing $109,900 (€106,485). Meanwhile, the President’s newly launched meme coin achieved billions of dollars in sales within just two days, fueling optimism about the administration's crypto-friendly policies.

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"The cryptocurrency market has shown exceptional volatility, with total capitalization hitting $3.72 trillion (€3.63 trillion) on Monday morning," noted Alex Kuptsikevich, chief market analyst at FxPro. He added that enthusiasm around digital assets could drive further gains.

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Bitcoin’s rally has been ongoing since the election, climbing from approximately $70,000 (€67,825) in November to over $100,000 (€96,893) in just two months.

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Meme Coins Drive Market Excitement

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The President, prior to his inauguration, launched a meme coin on Friday, dubbed $Trump. Initially priced at $6 (€5.81), the token soared to $75.35 (€73.01) over the weekend. Approximately 80% of the coins are held by a private entity linked to the President's family business.

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Adding to the market frenzy, the First Lady introduced her own token, $MELANIA, on Sunday, doubling its value to reach a market capitalization exceeding $2 billion (€1.9 billion).

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The combined value of the President’s token peaked at over $14 billion (€13.6 billion) before stabilizing at $10 billion (€9.7 billion) by Monday morning, as reported by CoinMarketCap.

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Critics, however, have questioned whether these initiatives represent financial opportunism tied to the President’s political position.

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A Shift in Approach Toward Cryptocurrency

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Despite his past skepticism of Bitcoin, calling it a “scam,” the President has embraced digital currencies with enthusiasm. On the campaign trail, he pledged to establish the US as the global hub for cryptocurrency innovation.

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Key promises included the creation of a Strategic Bitcoin Reserve and the implementation of regulatory frameworks supportive of the industry. The administration’s leadership picks for Treasury, Commerce, and the SEC feature strong proponents of cryptocurrency.

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To celebrate the occasion, the cryptocurrency community hosted a "Crypto Ball" over the weekend, featuring exclusive performances and tickets priced in the thousands. The event was sold out, further highlighting the growing influence of digital currencies.

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