Bitcoin on Friday hit its highest level of 2025, as cryptocurrency investors eagerly anticipated Donald Trump's inauguration for his second presidential term on Jan. 20. Trump is reportedly preparing to issue more than 100 executive orders on Day One, some of which could focus on bitcoin and the digital asset industry.
Bitcoin traded around $104,800 Friday afternoon and hit a 2025 high near $105,900 earlier in the day. The cryptocurrency pushed above $100,000 on Thursday after Consumer Price Index (CPI) data for December showed that core price pressures eased more than expected.
After starting December with a jump above the $100,000 threshold on Dec. 5, then rising to a record above $108,000 on Dec. 17, bitcoin slumped to just below $93,000 on Dec. 23. It has since swung in a range of roughly $90,000 to $99,000 to start the year.
Meanwhile, Trump once inaugurated is expected to sign executive orders covering crypto de-banking and accounting policies, the Washington Post reported on Jan. 13.
Crypto executives and tech leaders have accused President Joe Biden's administration of using regulators to pressure banks into cutting off the digital asset industry from financial services, in a coordinated effort dubbed "Operation Choke Point 2.0."
The digital asset industry has also campaigned against SEC Staff Accounting Bulletin 121, a policy requiring crypto to be reported as a liability.
"The Trump team has made it very clear that this is a priority," an unnamed source told WaPo.
Other campaign promises include creating a strategic bitcoin reserve, crypto council and a clearer regulatory framework, which will likely be looser than the Biden administration's.
A flurry of executive orders could come within Trump's first 100 days, with at least one crypto order expected on Day One, Reuters reported in late December.
Trump's Crypto Advisors, Gensler To Step Down
Meanwhile, Securities and Exchange Commission Chair Gary Gensler will step down on Monday, after initially announcing plans to resign in November.
Gensler, a contentious figure in the crypto industry, assumed the role in 2021. During his tenure, he oversaw various enforcement actions and rule-making activities that affected digital assets. The SEC under Gensler sued multiple crypto exchanges and token projects. Those included Coinbase, Binance and Kraken, alleging they were unregistered brokers, clearinghouses and securities. But there were some positive developments for crypto under Gensler, as he oversaw the launch of the spot bitcoin ETFs in January.
Trump in December nominated conservative, crypto-friendly lawyer Paul Atkins to replace Gensler. Atkins previously served as a Republican member of the SEC during the Bush administration. He has worked as co-chairman of crypto advocacy group Token Alliance since 2017, according to reports.
"Paul is a proven leader for common sense regulations," Trump wrote on his Truth Social media site. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."
Trump also tapped Silicon Valley entrepreneur and executive David Sacks to serve as his "White House AI and Crypto Czar."
Sacks, a former PayPal executive, will be charged with working on a legal framework "so the crypto industry has the clarity it has been asking for, and can thrive in the U.S.," Trump posted online.
The President-elect is also filling out a crypto council within the White House, which will focus on shaping digital asset policies and building out Trump's promised bitcoin reserve, according to reports.
Trump Day One: Get Ready For 100 Orders On Tariffs, Energy, TikTok
Bitcoin Expectations
Meanwhile, analysts expect bitcoin to rocket to records in 2025. H.C. Wainwright in early January lifted its bitcoin forecast to $225,000 per coin by year-end, up from prior expectations for $145,000.
The firm cited the historical price cycles of bitcoin, recent price action, and broad expectations for a more favorable regulatory environment under the incoming Trump administration as drivers for the digital assets industry in 2025. The availability of spot exchange traded fund products in the U.S., as well as accelerating institutional and corporate adoption, should also accelerate price gains.
Wainwright wrote that 2024 set the stage for a "significant bull market" for bitcoin and crypto miners this year. The firm estimates the total market cap for bitcoin miners will exceed $100 billion in 2025, with pure-plays to outperform. Mining stocks are seen once again outperforming bitcoin in 2025 as fundamentals improve for the group.
Bitcoin Adoption Forecasts
VanEck, in its 2025 crypto predictions report, said it expects the U.S. will embrace bitcoin thanks to Trump's strategic reserve plans and increased adoption.
"Either the federal government or at least one U.S. state — likely Pennsylvania, Florida, or Texas — will establish a bitcoin reserve," Matthew Sigel, head of digital assets research wrote. "Federally, this is more likely to occur through an executive order utilizing the Treasury's Exchange Stabilization Fund (ESF), though bipartisan legislation remains a wild card. Simultaneously, state governments may act independently, viewing bitcoin as a hedge against fiscal uncertainty or a tool to attract crypto investment and innovation."
VanEck also predicts that corporate bitcoin holdings will surge 43% as more companies accumulate bitcoin. Currently, 68 public companies hold bitcoin on their balance sheets, which VanEck predicts will hit 100. The firm expects the number of bitcoin held by private companies will increase to over 1.1 million this year, from around 765,000 in December.
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