Bitcoin hits record $94,000 amid Trump-linked crypto optimism
Bitcoin soared to an all-time high of $94,078, driven by reports that Donald Trump’s social media firm, Trump Media & Technology Group (TMTG), is in talks to acquire cryptocurrency trading platform Bakkt.
The world’s largest cryptocurrency has more than doubled in value this year, trading at $92,104 during Asian hours on Wednesday after briefly hitting its new peak. The surge follows optimism over a potentially crypto-friendly regulatory stance under Trump’s impending administration.
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The Financial Times reported that TMTG, which owns Truth Social, is nearing an all-stock deal for Bakkt, a company backed by NYSE-owner Intercontinental Exchange. The anticipated acquisition has fueled market expectations of a supportive environment for digital assets.
Bitcoin’s rally also coincides with the recent introduction of options trading for BlackRock’s iShares Bitcoin Trust, providing investors with additional tools to hedge or speculate on Bitcoin’s movements.
Michael Saylor, the founder of MicroStrategy, a major Bitcoin holder, has projected the cryptocurrency could reach $100,000 by the end of 2024.
This latest price surge surpasses Bitcoin’s previous record of $73,737 in March 2023 and marks a significant milestone following Trump’s reelection as US President.