Bitcoin soared to a record high on Monday on expectations that cryptocurrencies will boom under Donald Trump.
a record high above US$81 000 on Monday on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as US president and pro-crypto candidates to the the US congress.
Trump embraced digital assets during his campaign, promising to make the US the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.Other so-called “Trump trades” — from US stocks to shorting bonds have lost some steam since the election, but cryptocurrencies haven’t paused for breath.
While Simpson warned Trump’s near-term priorities are likely to lie elsewhere, crypto investors see an end to stepped-up scrutiny under US Securities and Exchange Commission chair Gary Gensler, who Trump has said he will fire. Trump also unveiled a new crypto business, World Liberty Financial in September, and although details about the business have been scarce, investors have taken his personal interest in the sector as a friendly signal.Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.
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