Bitcoin has surpassed the $100,000 benchmark for the first time! Bitcoin has gone up more than 4% to $103,544.00, according to Coin Metrics. It previously peaked at $103,844.05.
In 2024, Bitcoin has risen over 140 per cent and 48 per cent following Donald Trump’s presidential victory in the United States.
The decision came shortly after President-elect Donald Trump announced he would nominate Paul Atkins as chair of the Securities and Exchange Commission (SEC). He is a cryptocurrency advocate and a former Security and Exchange Commission commissioner.
Donald Trump announced his appointment through a post in Truth Social, saying, “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
As a result, investors anticipate reduced scrutiny after the announcement of Gary Gensler’s resignation in January, who viewed cryptocurrency negatively for his tough regulatory approach.
Jerome Powell, Federal Reserve chair says bitcoin is “just like gold only it’s virtual, it’s digital,” speaking at the DealBook conference. He also clarified that “people are not using it as a form of payment or as a store of value” and that “it’s not a competitor for the dollar, it’s a competitor for gold.”
Trump’s stake in the crypto sector
Additionally, Trump’s businesses also have a stake in the sector.
A few months back, Trump unveiled “World Liberty Financial,” a De-Fi project backed by Donald Trump and his family members, including Eric Trump, Donald Trump Jr., and Barron Trump.
The project aims to strengthen the global status of the US dollar in the DeFi space.
https://x.com/realDonaldTrump/status/1846326266011762820
According to the project, World Liberty Financial’s mission is to “Make crypto and America great by driving the mass adoption of stablecoins and decentralised finance.”
According to the Financial Times, Donald Trump’s social media company is considering buying Bakkt, a cryptocurrency trading platform owned by the Intercontinental Exchange, to expand its influence.
The Trump Media and Technology Group, where Trump has a 53 per cent stake, is close to making an all-share deal for Bakkt, although the exact value is still unknown.
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