Bitcoin (BTC), the world’s leading crypto, has made significant upward moves recently, following various predictions from many famous investors, analysts, and traders. The crypto reached a new all-time high of around $97,850.
Notably, BTC’s latest upward trajectory coincides with Trump’s latest move. He’s proposing a White House position dedicated to establishing and managing crypto policies in the U.S.
U.S. First Crypto Czar Role
As reported by Fox Business, Trump is pressing for the establishment of an official crypto lead or czar position when he is inaugurated as the U.S. president by January. Whether it takes the form of a czar or a White House staff role, this will be a remarkable development in America’s crypto adoption.
According to officials familiar with the matter, the individual filling the role will be the “president’s ear” or the bridge between the president and the crypto community, receiving and providing him with necessary information about the industry.
Additionally, the official would regularly communicate with crypto-related regulators in the U.S., including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Donald Trump Drives Bitcoin Pump
Trump’s victory in the election has been a driving force behind Bitcoin’s upward trajectory. His vocal support for crypto during his presidential campaign, coupled with his promises, has resonated with many U.S. investors, fostering expectations of a crypto-friendly environment under his leadership.
Following his win, BTC has made many new all-time highs within a few weeks and is about $2,000 away from reaching six figures per coin. After reaching a new high this morning, the apex coin has settled at $97,000 at the time of writing.
Additionally, since their approval in January, U.S. Spot Bitcoin ETFs have attracted more investors this month than ever. The funds are on a seven-week inflow streak, and the last business day concluded with an intake of over $700 million.
Meanwhile, on Tuesday, the U.S.-based stock exchange Nasdaq listed options for trading in BlackRock’s Bitcoin ETF, IBIT, allowing investors to speculate on the price of the crypto using derivatives.
