Bitcoin skyrockets as the cryptocurrency community eagerly awaits Donald Trump's policies. Trump, once skeptical, has embraced cryptocurrencies, promising to make the U.S. the 'crypto capital' of the world. He plans to establish a crypto advisory council, create a strategic bitcoin reserve, and enact regulations favorable to the industry.
Bitcoin's price surged past $100,000 on Friday morning as the cryptocurrency industry buzzes with anticipation for actions from Donald Trump upon assuming the U.S. presidency next week. Trump, once skeptical, who years ago called bitcoin a “scam,” has embraced digital currencies with the fervor of a convert. He has launched a new cryptocurrency venture and during his campaign, pledged to take early-term actions to make the United States the “crypto capital” of the world.
His promises include creating a U.S. crypto reserve, enacting favorable regulations for the industry, and even appointing a crypto “czar” to his administration. \“They’re going to be very happy with me,” Trump told cryptocurrency enthusiasts at a bitcoin conference last summer. Bitcoin is the world’s most popular cryptocurrency and was created in 2009 as a kind of electronic money not controlled by banks or governments. This and newer forms of cryptocurrency have moved in and out of mainstream financial use. The highly volatile nature of cryptocurrencies, and their use by criminals, scammers, and rogue nations, has attracted many critics, who say digital currencies have limited utility and are often just pyramid schemes. But so far, crypto has defied detractors and survived multiple prolonged price drops in its short life.\Wealthy participants in the sector, who felt unfairly targeted by President Joe Biden’s administration, spent heavily to help Trump win last November’s election. Bitcoin has risen in price since Trump’s victory, surpassing $100,000 for the first time last month before briefly dipping to around $90,000 earlier this week. Two years ago, bitcoin was trading around $20,000. On Friday, bitcoin climbed 5% to around $104,000 according to CoinDesk. Trump’s picks for key cabinet and regulatory posts are filled with crypto supporters, including his choices to head the Treasury and Commerce Departments, and the Securities and Exchange Commission (SEC). Key players in the industry are organizing the first “Crypto Ball” on Friday night, and its website promises to include “an elite lineup of musical entertainment” to celebrate the first “crypto president.” The event is sold out and tickets cost several thousand dollars. Here’s a look at some detailed actions Trump could take in the early days of his administration:
CRYPTOCURRENCY BITCOIN DONALD TRUMP REGULATION CRYPTO POLICY
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