Bitcoin (crypto: BTC) fans and investors have won the winning lap as major cryptocurrencies have scored new history highs multiple times over the past few days, surpassing the $123,000 mark.
Since Bitcoin’s launch, cryptocurrency has been dismissed by many skeptics, including President Donald Trump. Trump was not a fan of Bitcoin before, but he is one of several key figures who have experienced public change in the mind.
Trump changes the opinion of the code: During his 2024 presidential election, Trump spoke positively about Bitcoin several times.
“If you like cryptography in any way… if you support cryptography, you’d better vote for Trump,” Trump told the crowd on May 8, 2024.
Trump praised Bitcoin multiple times in 2024 and served as keynote speaker at the Bitcoin 2024 conference in July of that year.
Trump praised the cryptocurrency market in his 2024 speech, but added that his campaign should accept donated cryptocurrencies and that pro-cryptic voters should support him, but he has not always supported cryptocurrencies.
Trump is known for speaking out about many topics and people over the years, and often shares those opinions on social media platforms. One of the many sectors Trump has been saying foremost is the cryptocurrency sector.
In 2019, Trump spoke about Bitcoin and cryptocurrency.
“I’m not a fan of Bitcoin or any other cryptocurrency. It’s not money, its value is based on a very unstable and thin air,” Trump tweeted on July 11, 2019.
Trump also called on Libra, the cryptocurrency that Meta Platforms Inc (NASDAQ: META) was working on at the time.
“If Facebook or other companies want to become banks, they must, like any other bank, be subject to all bank regulations, seeking a new banking charter.”
Trump said the actual currency is the US dollar and he has added that he remains “the most dominant currency anywhere in the world.”
Fast forward to 2025, Bitcoin has hit a new high, some of the price increases attributed to Trump, who signed the executive order after he took office in January 2025 to establish a strategic Bitcoin reserve.
Trump has promised that the United States will become the world’s cryptocurrency capital.
Bitcoin hit a new all-time high after Trump won the 2024 presidential election and was driven by optimism surrounding the new GOP president in early 2025.
There are some of the highest ever highs, with a number of reasons why the US Congress can vote for several cryptocurrency bills, and in mid-July it’s called “Crypto Week.”
Also read: If you invested $1,000 in your XRP token when Snoop Dogg played at Ripple’s 2018 event, here’s the amount today:
Investing $1,000 in Bitcoin: On the day Trump blows up Bitcoin and cryptocurrencies in 2019, major cryptocurrencies traded between $11,158.92 and $12,144.62.
Based on the highs that day, investors could have bought 0.0823 BTC at Trump’s tweet.
That $1,000 investment is worth $9,820.88 today, based on the Bitcoin price of $119,330.23 at the time of writing. This represents a return of 882.1%.
Bitcoin hit a record high of $123,091.61 on July 14, 2024, with the price of major cryptocurrencies exceeding 10% in the past seven days.
Over the past year, Bitcoin has been trading between $49,121.24 and $123,091.61.
Time will tell if Crypto Week and other related events from the US will help send major cryptocurrency prices higher.
Investors who used their bets on Trump in 2019 are happy to be rewarded, and his change in mind in cryptocurrency may be helping them with further future profits.
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This article has been previously published and updated by Benzinga.
Photo: Shutterstock
