Bitcoin Price Skyrockets as Pro-Crypto Trump Advisors Enter the White House

Bitcoin has surged in the wake of Donald Trump's decisive U.S. presidential election victory—with the bitcoin price braced for a huge "game-changer."

Bitcoin price today soared to the doorstep of $100,000 per bitcoin, rallying sharply as a "perfect storm" pushed the combined crypto market back above $3 trillion for the first time since 2021.

Now, as Tesla (NASDAQ:TSLA) billionaire and Trump advisor Elon Musk issues a serious U.S. "bankruptcy" warning, a top Federal Reserve official has abruptly softened his criticism of bitcoin and crypto.

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Federal Reserve chair Jerome Powell has helped boost the bitcoin price this year with expectations ... [+] of interest rate cuts.

"I will have an open mind," Minneapolis Federal Reserve president Neel Kashkari told Coindesk this week.

Kashkari has previously slammed bitcoin and cryptocurrencies more broadly as "worthless," "fraudulent" and "nonsense" and in 2020 likened the crypto market to a "giant garbage dumpster."

Yet, despite promising to keep an open mind on crypto, Kashkari asked, "other than as a speculative asset, what does it actually do in the real economy?"

The bitcoin price rally this year has been dubbed a "debasement trade" by JPMorgan analysts, who have predicted the bitcoin price could continue to rise on fears of U.S. dollar devaluation and inflation.

Kashkari's softening on bitcoin and crypto comes as U.S. president-elect Trump has stacked his administration with heavily pro-bitcoin and crypto advisors, including Howard Lutnick, the chief executive of Wall Street giant Cantor Fitzgerald, who is leading Trump's transition team and is in the running to be his Treasury secretary pick.

Trump's victory has propelled the bitcoin price sharply higher in recent days as traders bet his administration will herald a relaxation of U.S. crypto regulation and a change of leadership at regulatory agencies that have viewed crypto markets with hostility.

Trump has also floated plans to create a U.S. bitcoin strategic reserve—predicting the bitcoin price could eventually outstrip gold—and the potential to use bitcoin to clear the U.S.'s $35 trillion debt pile.