Bitcoin’s price has soared over $100,000, fueled by expectations of Trump’s early actions in office.
Washington: Bitcoin is making headlines again, hitting over $100,000 early Friday. The buzz is all about what Trump might do once he takes office next week.
It’s wild to think that Trump, who once called bitcoin a scam, is now all in on crypto. He’s even started his own crypto venture and wants the U.S. to be the “crypto capital” of the world.
He’s got some big plans, like creating a U.S. crypto stockpile and appointing a crypto “czar.” At a bitcoin conference last summer, he told fans they’d be happy with his presidency.
Bitcoin, which started in 2009, has gone from being a niche currency to a mainstream player. But it’s had its ups and downs, and some folks still think it’s just a Ponzi scheme.
Despite the critics, bitcoin has bounced back from price drops and is now sitting pretty at around $104,000, up about 5% according to CoinDesk.
Trump’s cabinet picks are all about crypto, including key roles in Treasury and Commerce. There’s even a “Crypto Ball” happening tonight to celebrate the new “crypto president.”
One of Trump’s promises is to set up a special council to create clear regulations for crypto within his first 100 days. He’s already named a crypto “czar” and a director for a new advisory council.
Crypto investors are hoping for a friendlier SEC under Trump, especially after feeling targeted by the previous administration. They’re looking for a shift in tone and approach.
Trump also wants the U.S. to stockpile bitcoin like it does with gold. He’s suggested keeping the bitcoin seized from law enforcement instead of selling it off.
Some advocates are pushing for a “Strategic Bitcoin Reserve” to be managed by the Treasury, which could help legitimize bitcoin in the eyes of skeptics.
At the bitcoin conference, Trump even promised to commute the sentence of Ross Ulbricht, the founder of Silk Road, which got a big cheer from the crowd.