Crypto hits new heights: Bitcoin Trumps US$100k amid election buzz
In a staggering leap that has set the crypto world ablaze, bitcoin shattered the US$100,000 mark for the first time, skyrocketing from around US$69,000 just a month ago.
This meteoric rise comes hot on the heels of the US presidential elections, fuelling frenzied speculation among crypto investors about the impact of Donald Trump’s return to prominence.
With crypto enthusiasts on tenterhooks, Trump, the newly elected president, has boldly declared his vision of transforming the US into “the crypto capital of the planet.”
He’s even floated the audacious idea of using cryptocurrency to tackle the national debt, said Nirun Fuwattananukul, boss at Gulf Binance, the crypto powerhouse birthed from a merger of Gulf Energy Development and the world’s largest crypto exchange.
“During the campaign, Trump promised many policy changes in the US that will be favourable for Bitcoin and crypto assets in general. We have already seen the impact of this, driving Bitcoin prices to all-time highs.”
Nirun reckons that with a Republican grip on both the Senate and the House, Trump’s path to crypto-friendly policy could be plain sailing. With advisors like Bitcoin aficionados Elon Musk and Robert F. Kennedy Jr, confidence surges in a rosy crypto future.
Global investment landscape
Even before the election fever gripped the nation, bitcoin was already carving out a place in the global investment landscape, with its presence even felt in American state pension funds. Nirun predicts this trend will continue, with new regulations likely cementing bitcoin as a staple investment, akin to gold or silver.
“I believe bitcoin will become a mainstream investment asset, similar to gold or silver, in the future.”
The looming shift in the US regulatory climate is another focal point, with hopes high that the end of Joe Biden’s term will usher in a crypto-friendly successor to Gary Gensler at the helm of the SEC.
“He was very active in regulatory enforcement on Bitcoin and crypto assets. The new SEC chairman will likely be much more aligned with Trump’s views.”
Nirun tempers exuberance with caution, acknowledging that Trump’s immediate focus will likely rest on pressing issues like the economy and immigration.
But it’s not all about bitcoin, reported Bangkok Post. Jeremy Allaire of Circle, the firm behind a major stablecoin, sees a golden future for these digital assets pegged to traditional currencies.
“The next 12 months is a pretty big inflection point for stablecoins.”
Mass adoption
Despite potential regulatory hurdles, crypto giants like Binance press ahead, with co-founder Yi He stressing the critical role of working with regulators to reach mass adoption.
“If we want a billion users of crypto, we must cooperate with the regulators. That’s how we become the next Google or Amazon of crypto.”
Gazing into the future, industry bigwig Alex Svanevik of Nansen envisions dazzling developments by 2025, buoyed by Trump’s election victory and revitalised by clear DeFi regulations.
“Meme coins continue to onboard retail to crypto and smash on-chain metrics. We’ll see new records in DEX volume for lots of chains.”
As the crypto saga unfurls, Binance Chief Executive Richard Teng remains upbeat, highlighting a seismic shift across global financial circles in favour of blockchain.
“We are on the path of mass adoption because every major global financial institution is either embracing crypto or pushing ahead with the blockchain agenda.”
What Other Media Are Saying
- KUTV reports Bitcoin has surpassed US$100,000 amid a rally following Trump’s election, with optimism for regulatory changes contrasted by warnings of volatility and environmental concerns linked to cryptocurrency mining. (read more)
- CTV News highlights improved reliability of electric vehicles, narrowing the gap with gas cars but still trailing. Concerns persist about technology glitches and practical features for mainstream buyers, impacting adoption. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why might Trump’s presidency influence Bitcoin’s mainstream acceptance?
Trump’s pro-crypto stance, coupled with a supportive legislative environment, could ease regulatory barriers, fostering Bitcoin’s integration into traditional investment frameworks.
How could regulatory changes enhance DeFi’s growth under Trump’s leadership?
Clearer regulations might legitimize DeFi platforms, encouraging institutional investment and potentially sparking a major bull run in the crypto market.
What if stablecoins become foundational in the digital economy?
If stablecoins are widely adopted, they could stabilize cryptocurrency markets, enhance digital transactions, and potentially redefine global financial systems.
How does the potential nomination of a crypto advocate to the SEC impact the market?
A crypto-friendly SEC chair could reduce regulatory pressures, spur innovation, and attract greater institutional interest in cryptocurrency.
What role does collaboration with regulators play in crypto’s mass adoption?
Cooperating with regulators can build trust, ensure compliance, and pave the way for broader acceptance, positioning crypto as a mainstream financial tool.