The price of bitcoin surged beyond $109,000 early Monday, mere hours before President-elect Donald Trump’s inauguration, as an invigorated cryptocurrency industry anticipates swift action upon his return to the White House, reports AP.
Previously a skeptic who once described bitcoin as “seeming like a scam,” Trump has recently embraced digital currencies with newfound enthusiasm. He has launched a cryptocurrency venture and pledged during his campaign to position the U.S. as the “crypto capital” of the world early in his presidency.
Trump’s promises include establishing a U.S. crypto stockpile, introducing industry-friendly regulations, and appointing a crypto “czar” to his administration.
“You’re going to be very happy with me,” Trump assured crypto enthusiasts at a bitcoin conference last summer.
Bitcoin, the world’s most prominent cryptocurrency, was created in 2009 as a decentralised form of electronic cash, free from control by banks or governments. Cryptocurrencies, including bitcoin, have moved from financial fringes to mainstream prominence in dramatic bursts of growth.
While the volatile nature of cryptocurrencies and their associations with criminal activity and scams have drawn criticism, their resilience against multiple price drops has surprised detractors. Many in the crypto industry, feeling targeted by the Biden administration, supported Trump’s campaign financially, contributing to his victory in November.
Bitcoin has steadily risen in value since then, breaking $100,000 for the first time last month before briefly falling to about $90,000. According to CoinDesk, it climbed approximately 5% on Friday and surged more than $9,000 early Monday.
Just two years ago, bitcoin was trading at about $20,000.
Trump’s key cabinet and regulatory appointments include several crypto advocates, such as his choices for the Treasury and Commerce departments and the Securities and Exchange Commission (SEC).
A landmark “Crypto Ball” was held on Friday, celebrating Trump as the first “crypto president.” Tickets for the sold-out event cost several thousand dollars.
Bd-pratidin English/Tanvir Raihan
