US President Donald Trump amplified his pro-Bitcoin stance by sharing a viral video titled "the greatest Bitcoin explanation of all time" on Truth Social. The video features Coin Center Research Director Peter Van Valkenburgh's 2018 Senate testimony, where he championed Bitcoin's decentralized architecture, financial innovation potential, and role in preserving individual freedom, emphasizing: "Bitcoin works without the need for an intermediary."
This endorsement follows Trump's signing of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) on July 19, which passed the House 308-122. The legislation marks a policy reversal from Trump's 2021 criticism of Bitcoin as a "scam," now positioning cryptocurrencies as central to American financial sovereignty.
Bitcoin traded above $118,000 at the time of the post, nearing its recent all-time high of $123,091. Analysts identified a bullish pennant pattern, targeting $125,000 as the next psychological threshold. Institutional momentum remains robust, with spot Bitcoin ETFs recording $2.39 billion in weekly inflows (July 14-18) and corporate holdings doubling to 273 companies since June 5.
Historical data reveals Trump's crypto endorsements trigger immediate market reactions: His November 2024 election victory spurred an 8.5% overnight surge to $75,000. Copper Research Head Fadi Aboualfa projects $150,000 by October, while Fairlead Strategies' Katie Stockton cites $135,000 as an intermediate target, attributing gains to ETF accumulation patterns where every 10,000 BTC added correlates to a 1.8% price increase.