President-elect Donald Trump’s company, Trump Media, is reportedly in talks to buy crypto trading platform Bakkt, according to two sources. The deal’s size hasn’t been disclosed, but Bakkt has a $150 million market capitalization. Discussions about Bitcoin $100K and Bitcoin price predictions have added to the excitement, as both Trump Media and Bakkt shares have surged since the news, reflecting Trump’s cryptocurrency market trends.

This move would deepen Trump’s crypto involvement, following the Trump family’s launch of World Liberty Financial and its own cryptocurrency. For investors uncertain about Trump’s crypto interest during the election, this latest development and the Bitcoin $100K discussions provide reassurance.

The Cryptocurrency Industry

Cryptocurrency is proving popular around the world, thanks to its fast, inexpensive borderless payments. Its decentralized nature means that users around the world can benefit, so crypto wallets for Indian holders, widely considered one of the most promising emerging markets, are the same as those for U.S. or European holders.

The exceptions to this are wallets hosted on exchanges that are inaccessible in the country. But, according to technology editor Kane Pepi, there is a wide selection of wallets available. One exchange-based wallet that might be joining the ranks of those already available in the market is Bakkt, in line with Trump’s cryptocurrency market trends.

Bakkt Trading Platform

Bakkt has been expanding its reach in recent years, announcing expansion into five new territories at the start of the year. Recent reports suggest the trading platform may soon receive significant investment to support this growth. According to two sources, the Trump Media and Technology Group is in talks to buy Bakkt, reflecting Trump’s cryptocurrency market trends.

Bakkt Share Price

Since the news was first rumored two days ago, Bakkt’s share price has rocketed. On November 18, Bakkt was trading at around $11 per share but by the end of the day, it had more than trebled to $36. It has undergone some correction but currently sits at around $33 again.

Trump Media And Technology Group Shares

Trump Media and Technology Group’s shares also saw a bump in price following the reports. DJT shares were trading at $27 before the story and peaked at $32.78 in the hours following. However, prices are now back down to around $30.

DJT only reported revenue of $1 million in its most recent quarter, but it does boast $700 million in cash equivalents and more than $7 billion in market capitalization, so it certainly has the potential to buy Bakkt. On the news, Bakkt said that it does not report or answer questions on any potential deals, which aligns with Trump’s cryptocurrency market trends.

Trump’s Cryptocurrency Moves

If the reports are true, this wouldn’t be Trump’s first move into cryptocurrency. Despite having previously described Bitcoin as a threat to the US dollar, the president-elect launched World Liberty Financial in September. A month later, the crypto investment firm launched its own native currency, the WLFI. This move has prompted discussions on cryptocurrency policy and its evolving role in the financial landscape.

The WLFI Token

WLFI is a governance token that lets holders decide how the project will proceed. The token didn’t perform well during its initial sale.

Despite aiming to raise $300 million, it raised only $5.5 million in its first hour and $11 million on its first day. A week ago, the token had raised about $30 million, and there were discussions about quietly closing the sale.

Stablecoin Moves

However, at the same time, World Liberty announced that it had hired Rich Teo, one of the co-founders of Paxos, to operate as head of stablecoin development and payments. Launching a stablecoin is a complicated procedure.

Viable stablecoins are backed by the asset they are tied to, so launching a US Dollar stablecoin requires the group to hold a large amount of Dollars in custody. There is also the question of meeting regulatory requirements, although that could become easier once Trump takes his place in the White House.

Trump’s Changing Stance

Just three years ago, in 2021, Trump described Bitcoin as “a scam against the dollar” and said he didn’t like it. However, by July this year, both the Republican Party and Trump had undergone a dramatic change of heart.

Before appearing at the Bitcoin 2024 conference, he announced plans to become the country’s first crypto President. During his keynote, he promised a Trump-led US government would never sell its existing or acquired Bitcoin stock, reflecting Trump’s cryptocurrency market trends.

Trump also vowed to fire SEC head Gary Gensler “on day one” and replace him with a more crypto-friendly alternative. He also appointed crypto supporter Elon Musk as head of the newly formed Department Of Government Efficiency (DOGE). It’s clear that Trump has dramatically changed his stance on cryptocurrency.

The Election Effect

Leading up to the 2024 election, the crypto market expected a softer stance on cryptocurrency, regardless of the winner. Vice President Kamala Harris barely addressed the industry but promised greater protection for citizens, hinting at new regulations. This would mark a shift from Biden’s anti-crypto stance, potentially affecting cryptocurrency policy and its future development, reflecting Trump’s cryptocurrency market trends.

The market reacted positively to Trump’s victory. On November 4, Bitcoin was just under $70,000. By November 12, it had surged to nearly $90,000, and by November 19, it had risen 33%, reaching over $92,000. This rally has sparked discussions on regulation and its impact on Bitcoin’s price.

Many analysts now predict Bitcoin will breach the $100,000 mark, potentially reaching $150,000. This price movement has fueled further talks about regulation’s influence on Bitcoin’s future.

Can Trump Sack Gary Gensler?

If Trump delivers on his promise to replace Gensler as the head of the SEC, this will surely give BTC prices the boost they need to achieve this. Gensler has brought more than 100 actions against crypto companies and, for several years, prevented the launch of Ether and Bitcoin ETFs.

A court of appeal ruling forced the SEC to allow the launch of financial products, as it deemed the committee’s rejections unlawful. However, Trump may find it difficult to remove Gensler, as the SEC operates independently of the government. The President cannot easily replace the committee’s chairperson. These developments are tied to ongoing market trends and reflect Trump’s cryptocurrency market trends.

Gensler’s tenure ends in 2026. Trump has options to oust him for cause, but proving this can be difficult. The process may take until 2026 to complete. Trump and the crypto community hope Gensler will step down when the new President takes office. These factors could influence future market trends and the regulatory landscape.

Conclusion

Trump’s potential acquisition of Bakkt, though unconfirmed, would deepen his involvement in the cryptocurrency world. His World Liberty Financial, a crypto lending platform, has already launched its own governance token. It is also exploring the possible launch of a stablecoin, aligning with Trump’s cryptocurrency market trends.

Although the acquisition rumors are unconfirmed, Bakkt’s share price has more than tripled in the last few days.