Crypto

Bitcoin enthusiasm rides high as Trump prepares to take presidential office

Published

11 months ago

January 18, 2025

Bitcoin enthusiasm rides high as Trump prepares to take presidential office

Bitcoin adjacent stocks got a substantial lift after the cryptocurrency’s price jumped over $104,000 on Friday.

Bitcoin mining behemoth, Mara Holdings (NASDAQ: MARA) was the biggest and most vocal, climbing by 13 per cent. It was followed closely by Riot Platforms (NASDAQ: RIOT), MicroStrategy Inc (NASDAQ: MSTR) at 7 per cent and Coinbase Global Inc (NASDAQ: COIN) at 5 per cent.

The original cryptocurrency’s good fortunes have been at the behest of Donald Trump’s election victory, based on the optimistic take that the incoming administration will take a more favourable approach to crypto, and Bitcoin in particular.

In December, Trump appointed Paul Atkins to lead the Securities and Exchange Commission. Atkins, who previously served as an SEC commissioner under President George W. Bush, has recently focused on digital assets. He is set to replace Gary Gensler, widely regarded as a crypto critic. Trump will also likely replace several SEC commissioners whose terms are set to expire during his administration.

Furthermore, crypto advocates and holders will soon shape U.S. policy on the emerging technology, following a series of nominations and advisory appointments by President-elect Donald Trump, who takes office on Monday.

The crypto industry, after years of battling lawsuits and enforcement actions by the U.S. government, hopes the Trump administration will signal a policy shift. Officials will vet political appointees for potential conflicts, and some appointees have pledged to sell their interests.

The industry will host a sold-out black-tie ball in Washington on Friday, with ticket prices ranging from USD$2,500 to USD$10,000. David Sacks, serving as Trump’s artificial intelligence and crypto czar, plans to attend.

Read more: BlackRock launches Bitcoin ETF in Canada

Read more: Cryptocurrency fugitive Do Kwon extradited to US

Trump’s tenure will be cryptocurrency friendly

The reasons for the optimism surrounding the cryptocurrency’s future don’t necessarily begin and end with Trump either.

The president-elect has filled his inner-circle with a number of different cryptocurrency friendly personalities, most of whom are well-known and well-respected in the space.

Scott Bessent, a billionare hedge fund manager, is Trump’s pick for Treasury Secretary. He has expressed favourable views on cryptocurrency. According to a financial disclosure filed last month, Bessent holds shares in a BlackRock bitcoin exchange-traded fund valued between $250,001 and $500,000.

“Crypto is about freedom and the crypto economy is here to stay,” he said in July. “I think everything is on the table with bitcoin.” ‘

In a letter to the U.S. Treasury last week, Bessent stated he would divest his interests in the fund and other investments within 90 days of his confirmation.

Further, Trump selected Tesla’s chief and the world’s richest man to lead a government cost-cutting initiative called the Department of Government Efficiency (DOGE).

Elon Musk, a longtime advocate for cryptocurrencies like bitcoin and dogecoin, has significantly influenced their prices through his public comments and the actions of his companies. The acronym for Musk’s cost-cutting agency, DOGE, references dogecoin, now the seventh-largest cryptocurrency with a circulation value of $4.5 billion, according to CoinGecko.

In 2021, Tesla purchased $1.5 billion in bitcoin, making it one of the largest companies to invest in cryptocurrency before selling most of its holdings. By September 2024, Tesla reported holding $184 million in unspecified digital assets, according to a financial statement. Musk did not respond to a request for comment via Tesla regarding his personal cryptocurrency holdings.

Read more: Tether Limited sets up first brick and mortar office in El Salvador

Read more: Cryptocurrency fugitive Do Kwon extradited to US

Trump to encourage leadership in crypto

Vice President-elect J.D. Vance held between USD$250,001 and USD$500,000 in bitcoin as of August 2024, according to a financial disclosure.

Vance co-founded the venture capital firm Narya, which has invested in Strive, Ramaswamy’s asset management company, and the video platform Rumble, as indicated on its website. In November, Rumble announced plans to allocate its excess cash reserves to bitcoin. The company also received a USD$775 million investment from stablecoin firm Tether last year.

When asked for comment on the crypto stances of Vance and Trump’s sons, Trump-Vance transition spokesperson Brian Hughes stated—without providing evidence—that bureaucrats in Washington had attempted to stifle innovation with increased regulation and higher taxes.

“President Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies,” he said in a statement.

Finally, set to collaborate with Musk at DOGE, former presidential candidate and entrepreneur Vivek Ramaswamy is the founder of Strive Asset Management.

Strive reported managing over USD$1 billion in assets as of September, and filed last month to launch an exchange-traded fund (ETF) that invests in corporate bonds for bitcoin investments.

In November, the company launched a wealth management arm aimed at integrating bitcoin into Americans’ investment portfolios, according to a press release from Ramaswamy.

In June 2023, Ramaswamy disclosed holding between $100,001 and $250,000 in bitcoin and between $15,001 and $50,000 in ether, a smaller cryptocurrency.

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Crypto

Massive 700M Euro Crypto Operation Unravels With International Raids

Published

11 hours ago

December 5, 2025

Press Room

European authorities shut down a vast crypto-fraud engine responsible for hundreds of millions in illicit flows, marking a major blow to criminal networks exploiting digital assets and exposing how deeply coordinated scams infiltrated the continent.

Crypto

Lawmakers want Indiana to become a crypto leader. That may start with retirement funds

Published

23 hours ago

December 5, 2025

Press Room

Lawmakers want Indiana to become a crypto leader. That may start with retirement funds

Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.

The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year.

Now, Indiana is looking for a slice of the windfall. The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.

“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4.

A volatile investment?

Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.

Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future.

The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs.

While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors.

That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4.

Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested.

No anti-crypto regulations

Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.

Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto.

There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.”

The bill was welcomed by the founder of the local crypto mining business Megawatt.

Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.

“We’re not asking for any special treatment,” he said, “just the same treatment.”

The committee won’t hold a vote on the bill until January.

Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.

Crypto

Cease and Desist Hits Robinhood, Crypto.com, Kalshi in Connecticut

Published

1 day ago

December 4, 2025

Press Room

Cease and Desist Hits Robinhood, Crypto.com, Kalshi in Connecticut

Connecticut moved to block several major platforms after officials said they offered unlicensed sports wagering, signaling escalating scrutiny of online gambling services that allegedly sidestep state rules and expose residents to significant consumer risks.