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The
digital asset traded above $109,400 Wednesday morning, a huge
increase from recent lows of about $75,000 last month.
Several other cryptocurrencies have seen similar large gains in
recent days. That includes Trump’s official meme coins, which
have jumped up about 75% in the last month. The president is set
to have dinner Thursday with some of the meme coins’ biggest
investors, a move that’s drawn intense criticism from some
Democrats who say that Trump is improperly using the power of
the presidency to boost his personal wealth.
Bitcoin’s price increase comes after the crypto industry scored
a major win with the U.S. Senate advancing legislation that
creates a federal framework to regulate the stablecoins, a
fast-growing form of cryptocurrency whose values are often tied
to the U.S. dollar.
The bipartisan vote was a major win for the politically powerful
cryptocurrency industry, which spent heavily in last year’s
election and has amassed a large war chest for next year’s
contests.
A former skeptic turned enthusiastic booster, Trump has been a
major promoter of the crypto industry and previously took credit
when bitcoin’s price broke $100,000 in December. His
administration has established a “strategic bitcoin reserve” for
the U.S. government and dropped or paused several enforcement
actions against major crypto companies.
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