President-elect Donald Trump took credit for the appreciated value of BitCoin, which had occurred after he was elected to office in November.
On Thursday, BitCoin's value reached $100,000 for the first time ever. The President-elect took to his own social media app, Truth Social, to claim credit for the development.
"CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!" wrote Trump.
This news comes barely a day after Trump announced that he was nominating pro-crypto lobbyist Paul Atkins to replace Gary Gensler as chair of the Securities and Exchange Commission. Atkins is expected to deregulate markets, as reported by USA Today.
The president-elect also assured constituents that his administration would be crypto-friendly at a previous BitCoin conference in Nashville.
"It's being fleshed out, but I anticipate the leading executives from America's bitcoin and crypto firms to be represented," David Bailey, CEO of Bitcoin Magazine who requested Trump's presence at the July conference, previously told Reuters. "People are eager to advise and give input."
Trump's stance on cryptocurrency is far removed from that of President Biden, who never explicitly stated that he was anti-crypto, but has made many indirect statements to that tune over the course of his administration.
"I've also proposed closing over a dozen special interest tax loopholes for Big Oil, crypto traders, hedge fund billionaires — saving taxpayers billions of dollars," Biden stated in a White House press release from 2023.
Last year, the White House released information on the costs of crypto mining, noting its negative impacts on the environment due to high energy consumption.
"Cryptominers' high energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country," the release said, citing a 2022 report on the energy implications of cryptocurrency.
"Crypto mining does not generate the local and national economic benefits typically associated with businesses using similar amounts of electricity," the release continued.
"It's absolutely the wise choice to put together a council of people who... understand how both the industry ought to be regulated and how to situate the industry to be a strategic asset," Nathan McCauley, CEO of crypto platform Anchorage Digital, told Reuters.
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