Trump Continues to Strengthen His Crypto Team. How He Supported Bitcoin?

The US president-elect is closely monitoring the price of the premier cryptocurrency.

Donald Trump has continued to nominate pro-cryptocurrency candidates for senior positions in the US. On 22 December, he unveiled his nominees for the roles of two new economic advisors and also highlighted the growth in the value of BTC during the Turning Point USA conference in Arizona.

Bo Hines, a former American football player, will become the executive director of the Cryptocurrency Council under the new administration, as announced by Trump on his social network Truth Social. Previously, he had appointed David Sachs to head this council, who, as the 'crypto king', will have to guide the administration's policy in the field of artificial intelligence and cryptocurrencies, with the goal of making the US a world leader in these areas.

"In his new position, Bo will work with David to implement innovations and develop digital assets, ensuring that industry leaders have the resources they need to succeed. Together, they will create an environment in which this industry can thrive and remain a cornerstone of our country's technological progress," Trump wrote.

Hines had run for Congress as a Republican in 2022 with the support of the crypto community. His campaign had been partially financed by former FTX CEO, Ryan Salameh, who is currently serving a seven-year prison sentence after pleading guilty to several charges, including conspiracy to make illegal political contributions.

Also on Sunday, Trump announced the appointment of former Treasury Department official Stephen Miran as chairman of his Council of Economic Advisers. According to The Block, Miran advocates the need to foster and simplify regulation of the digital currency industry.

"I think financial regulation is overly restrictive and prevents banks from lending to the economy as much as they would like. And I think that sometimes that can actually hinder innovation in sectors like the crypto economy," Miran said.

On 22 December, Trump spoke at the Turning Point USA conference in Arizona. The US president-elect congratulated the cryptocurrency community on the first cryptocurrency reaching a new high. "Bitcoin has reached a record high of $108,000. Congratulations, congratulations," Trump said. Earlier, he had also noted that Bitcoin had crossed the $100,000 mark.

Trump Celebrates Bitcoin Record at Turning Point Conference USA

Previously, Axios noted that Trump has promised a "golden age" in the US, so anything that fuels market performance will be to his liking, including cryptocurrencies.

"Journalists wrote, quoting a high-ranking source, "Trump will be closely watching the price of Bitcoin. For the president-elect, cryptocurrencies represent another stock market, and he would like Bitcoin to reach $150,000 at the start of his presidential term,' the report reads.

On the day of the US presidential election, 5 November, Bitcoin's value hovered around $70,000. Since then, following the news of Trump's victory, the leading cryptocurrency has risen 37 per cent. As of noon on 23 December, BTC is trading around $95,900.