NAIROBI, Kenya- Bitcoin is on a tear, hitting a record-breaking $106,000 before settling at $105,000 in Monday’s Asian trading.
The cryptocurrency’s value has surged by over 50pc since Donald Trump clinched victory in the November 5 election. This rally is fueled by growing optimism that the incoming administration will be more welcoming to digital currencies.
Investors are buzzing over Trump’s apparent pro-crypto stance. The president-elect has floated the idea of creating a national cryptocurrency reserve, akin to the U.S. Strategic Petroleum Reserve. This bold move could solidify Bitcoin’s role in the global financial landscape.
Adding to the momentum, Trump has tapped Silicon Valley heavyweight David Sacks as his artificial intelligence and cryptocurrency czar.
Sacks, a former PayPal executive and close associate of Trump adviser Elon Musk, is expected to spearhead efforts to integrate cryptocurrency into the mainstream economy.
Trump has also promised to shake up the Securities and Exchange Commission (SEC), nominating crypto-friendly attorney Paul Atkins to replace outgoing chair Gary Gensler.
Gensler, known for his hardline stance against cryptocurrency firms, announced plans to resign on January 20, the day of Trump’s inauguration.
The market’s enthusiasm for Bitcoin has been nothing short of parabolic. “The fear of missing out is driving this rally to new heights,” Peter McGuire of XM.com said in an interview with the BBC.
Some analysts are betting that Bitcoin could reach $120,000 by the end of the year, with projections of $150,000 or more by mid-2025.
As the Trump administration gears up to reshape the cryptocurrency landscape, Bitcoin’s meteoric rise seems poised to continue, drawing more investors eager to capitalize on this digital gold rush.
