Bitcoin is approaching a record high as Trump’s inauguration approaches

Bitcoin is reportedly approaching a record high as President-elect Donald Trump’s inauguration approaches.

The cryptocurrency was priced at $104,538 on Friday at 2:12 PM PT, a number that was up 4.56% for the day and 12.96% for the week, according to TradingView.

Earlier Friday, when bitcoin was at $102,595, TradingView said the cryptocurrency had its best weekly gains since November and was up 48% since the Nov. 5 presidential election.

Bloomberg I mentioned on Friday that Bitcoin was on track for its biggest weekly gain since the election, and indicated it was doing so with Trump’s inauguration just days away.

Bitcoin reached a record high of $108,315 in December, but has fallen in three of the past four weeks, according to the report.

The report attributed this week’s recovery to Trump’s expected pro-cryptocurrency policies and to a broader rise in high-risk assets driven by investor expectations that the Federal Reserve will make further cuts in interest rates.

It was reported on Friday that Trump intends to issue an executive order, shortly after taking office, that would make the appointment Cryptocurrency As a national priority, direct government agencies to work closely with the cryptocurrency industry, and establish a cryptocurrency advisory council that advocates for industry policy priorities.

On January 7, Fidelity said in a new report on the digital assets space that world governments and central banks will be among the next “significant investors” in the digital assets space. Bitcoin.

Noting that governments such as the United States have requirements to sell or transact Bitcoin obtained through government seizures and recoveries from criminal cases, Fidelity Matt Hogan “We expect 2025 to be the year this changes in terms of acceptance and adoption,” he wrote in the report. This means we expect more nation-states, central banks, sovereign wealth funds and government coffers to look to establish strategic positions in Bitcoin.

ripple CEO Brad Garlinghouse Trump noted Bull market“On January 5th mail On X, he said the company signed more deals in the six weeks after the election than it had in the previous six months.

“2025 is here, and the Trump bull market is real,” Garlinghouse wrote.