Bitcoin at $100k

Today, we contemplate bitcoin hitting $100k.

Since the presidential election, crypto has simply been burning down the house…

Bitcoin is up some 43% in 15 days. And it brought its crypto friends along for the ride.

Ethereum has powered ahead by about 30%. Solana is up nearly 60%. And Bonk, an oddly named meme coin I’ve written about in the past, is up more than 100%.

Honestly, there are scores of examples I could be using, but I’ll stop there. I’ve made my point.

This bullishness was not unexpected.

I called the bottom of the crypto market back in January 2023, in the depths of Crypto Winter, when the mainstream media was sounding the death knell for crypto.

Since that call, crypto prices have gone nearly parabolic.

Bitcoin is up nearly 5x. Bonk too.

Solana… it’s up 10x.

But this is not a victory lap. I share those last few paragraphs only to clarify my bona fides with what I’m about to write.

To steal a line from Karen Carpenter: We’ve only just begun.

Bitcoin at $100k is very likely to change the game by changing mindsets.

FOMO is a very real phenomenon—the Fear of Missing Out.

I was talking to my managing editor this week and told him about life as a crypto holder during Crypto Winter. And what I told him is that those of us who lived through Crypto Winter—those of us who didn’t sell going into Crypto Winter—we weren’t really fazed by it.

Sure, prices were down—a lot!—but we knew the upturn was coming and we were nonplussed by it all. Just another day at the office.

We were buying Solana at less than $10. Today, it’s nearly $250.

We were buying bitcoin at less than $15,000…

But back to Karen Carpenter…

I’ve been getting emails and text messages from friends and acquaintances all asking, “Is it too late?”

The short answer is No.

The long answer… is No.

Why I say that is because of events shaping up in Washington, DC.

Until about four years ago, the American government didn’t really seem to care about crypto because it didn’t really know what to do with crypto.

During the Biden administration, government was openly hostile to crypto. Clueless lawmakers such as Massachusetts Sen. Elizabeth “Luddite” Warren were doing all they could to effectively neuter crypto. Gary “Hypocrite” Gensler was actively attacking crypto companies every other Tuesday, often with spurious lawsuits that even a non-legal beagle such as yours truly could easily see were Swiss cheese from the get-go because the logic was clearly full of holes.

Crypto prices regularly whipsawed because of some comment from the government, or because Gensler and his park rangers announced yet another (pointless) attack on the industry as a whole.

But today…

Prez-in-waiting Trump has truly found religion when it comes to crypto.

I’ve mentioned in previous dispatches that he wants to build a bitcoin reserve fund and make America “The Capital of Crypto,” and rumor has it he’s talking about issuing an Executive Order early in his administration to create the BTC reserve fund. Moreover, there are widely held expectations that as early as Day One of his administration, Trump will axe Gary Gensler and replace him with an SEC chairman who is decidedly pro-crypto.

That alone has been enough to arouse the crypto community. Those promises are a large part of why BTC has surged to this momentous level and why crypto as an asset class has seen such a huge move in such a short stretch of time.

What’s coming in 2025, however… well, that could radically alter the pace at which crypto prices climb, which would then see FOMO take over everywhere, to push prices even higher…

Trump is reportedly shopping for a Crypto Czar for his administration, and news reports say he recently met with and landed on his choice: Brian Armstrong, CEO of Coinbase, one of the world’s largest crypto exchanges. To put that into context: Imagine that back in the early-’80s Ronald Reagan had tapped Charles Schwab to be the Stock Market Czar.

And if that weren’t enough, Trump is putting a cherry on top of this crypto sundae by proposing… the elimination of capital gains taxes on cryptocurrencies issues by American companies.

That is truly a game-changing proposal.

America at the moment is pretty much a global pariah when it comes to crypto. Firms are so freaked out by thoughts of running afoul of the SEC that developers have left the US to start their businesses in Asia, parts of Europe, and Dubai.

Moreover, numerous crypto projects keep US citizens out, again stemming from fear the SEC goes all scorched earth on them for some supposed infraction of a mis-applied securities law from the 1930s that has no bearing on finance and investing nearly a century later.

But if Trump’s tax-free proposal wins the day—and that’s certainly possible in a Congress where both houses are now controlled by the GOP—then we’re going to see a crypto renaissance in America, and we’re going to see the Mother of All FOMO moments strike.

So what I am saying is that if you’ve been reading my dispatches over the years when I’m raving about why you want to own crypto, but you’ve not yet acted… well, now’s the time to act.

Bitcoin $100k isn’t the end of the party.

It’s the global announcement that the party is finally getting started.

And if Brian Armstrong comes on as Crypto Czar, and if tax-free crypto profits becomes the new law of the land, well that just means someone has spiked the punchbowl, and it’s about to get really hot up in here…