Bitcoin Nears Record Highs as Trump’s Pro-Crypto Inauguration Sparks Optimism

Bitcoin, the world’s largest cryptocurrency, climbed to $104,696 on Friday, marking its highest point in nearly a month as anticipation grows around President-elect Donald Trump’s pro-crypto policies.

With his inauguration set for Monday, Bitcoin is now just 3% away from its all-time high of $108,135 reached in December 2024.

Pro-Crypto Executive Orders Expected on Day One

Sources have indicated that Trump is likely to issue a crypto-related executive order within hours of assuming office. The order is expected to establish a presidential crypto council consisting of industry leaders and CEOs. Additional measures may include instructing the SEC to repeal regulatory barriers such as SAB 121, which has been criticized for discouraging institutional involvement in cryptocurrency.

As fears of inflation ease, Bitcoin has surged 12% over the past week, rebounding from recent lows near $90,000. Spot Bitcoin ETFs also recorded significant inflows, pulling in $755 million on Wednesday and $626 million on Thursday, according to CoinGlass.

With the U.S. stock market closed on Monday for Martin Luther King Jr. Day, many traders are positioning themselves ahead of potential executive orders. Steven Lubka, head of private clients at Swan Bitcoin, noted, “Friday is the last chance for traders to act before Trump’s crypto plans are revealed on Tuesday.”

Beyond federal initiatives, some U.S. states are reportedly exploring the establishment of state-level Bitcoin reserves, spurred by Trump’s national Bitcoin reserve proposal. Analysts believe this could further accelerate adoption and bolster Bitcoin’s status as a strategic asset.

Bitcoin Mining Sees Renewed Focus

Trump has also vowed to make the U.S. a global leader in Bitcoin mining, promising policies to deliver the cheapest energy globally for miners. The mining industry has responded enthusiastically: