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Bitcoin has suddenly rocketed toward a $100,000 price, adding to a rally that’s seen bitcoin soar 50% over the last month and fueled a shocking $30 trillion bitcoin price prediction.
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The bitcoin price has climbed steadily this year, pushed on by a fleet of spot bitcoin exchange-traded funds (ETFs) hitting Wall Street, interest from U.S. president-elect Donald Trump and expectations of Federal Reserve interest rate cuts—with a top Fed official recently revealing a surprise bitcoin flip.
Now, as traders bet on a Trump bitcoin “game-changer,” a leak has revealed Trump could appoint the first ever White House “crypto czar.”
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U.S. president-elect Donald Trump has helped the bitcoin price boom this year.
Trump’s top team is meeting with bitcoin and crypto experts and industry executives to discuss creating a White House role dedicated to cryptocurrency policy, overseeing policy and regulation across the federal government, Bloomberg reported, citing anonymous sources.
The appointment of a White House crypto czar would likely boost already sky-high expectations that Trump could create a U.S. bitcoin strategic reserve that would see him follow through on promises made during a July bitcoin conference to make the U.S. the “crypto capital of the planet.”
Speculators on the crypto-powered Polymarket prediction platform now see a more than 40% chance that Trump will create a bitcoin strategic reserve, with the odds climbing sharply following the leak of Trump’s crypto czar discussions.
Earlier this year, U.S. senator Cynthia Lummis (R-Wyo.) introduced The Bitcoin Act to Congress, calling for the creation of a strategic bitcoin reserve to reduce the U.S.’s spiraling, near-$36 trillion national debt by buying 1 million bitcoin over five years.
Trump has surrounded himself with heavily pro-bitcoin and crypto advisors through 2024, with some of his high-profile cabinet appointments known to be supporters of bitcoin and crypto.
This week, Trump named Cantor Fitzgerald chief executive Howard Lutnick, who claims to “have hundreds of millions of dollars of exposure to bitcoin,” to be his Commerce secretary.
“Bitcoin, which is rare and is special, will become ever more rare, ever more valuable, over time it’ll be financed just like gold [and] oil. Bitcoin will be way, way, way higher—sometimes lower—you just have to have faith,” Lutnick, who is the U.S. custodian for Tether’s $130 billion stablecoin USDT via Cantor Fitzgerald, said earlier this month.
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The bitcoin price has surged toward $100,000 per bitcoin, smashing its previous all-time high and … [+]
Meanwhile, Robert F. Kennedy Jr., one of the earliest candidates in this year’s election to accept bitcoin for campaign donations, has been nominated by Trump to be the next U.S. Health secretary.
“Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt,” RFK Jr. recently posted to X.
Elsehwhere, David Bailey, the chief executive of Bitcoin Magazine publisher Bitcoin Inc and advisor to the Trump on bitcoin strategy, has said he believes Trump could appoint senator Bill Hagerty, a bitcoin and crypto advocate, as his Treasury secretary.
“If it happens, back up the truck and dump everything you own into bitcoin,” Bailey posted to X.