Late on Wednesday, Bitcoin set a new record by hitting the $1,00,000 mark for the first time. President- elect Donald Trump has announced his picks for top positions in his administration known for policies that promote cryptocurrency. The announcement led to a huge jump in the price of Bitcoin.
Trump has chosen Paul Atkins to lead the Securities and Exchange Commission (SEC). Atkins is a proponent of crypto and was a former commissioner of the SEC. Under Trump’s administration, Atkins is expected to regulate crypto with a light and industry- friendly approach. Gary Gensler, who led the SEC under the Biden administration, aggressively imposed restrictions on the expansion of the crypto industry. Gensler is set to resign on January 20, the day of the president’s inauguration.
Bitcoin hit the $1,00,000 mark as Atkins’ election was announced, and on Thursday morning it surpassed $1,03,000.
Trump’s victory gives new impetus to the crypto industry:-
Bitcoin bounced after the prediction of Trump’s victory on November 6. Bitcoin, which crossed $74,000 that day, reached $90,000 the following week. Bitcoin’s price has risen 130% this year, with the post- election surge largely responsible.
Trump’s stance on crypto changes:-
Trump, who previously called bitcoin “air” and “volatile,” began promoting crypto before the election in an effort to appeal to younger voters connected to crypto.
Trump’s stance on crypto changes:-
Trump, who previously called Bitcoin “air” and “volatile,” began promoting the crypto before the election. He tried to attract young voters connected to crypto.
In July, Trump headlined the largest crypto conference in Nashville. He pledged to create a “national bitcoin reserve” and called for governments to store bitcoins seized from criminals rather than sell them.
In September, Trump launched his own crypto business, World Liberty Financial. That same month, he made history when he made a bitcoin purchase at a crypto bar in Manhattan.
Political support of the crypto industry:-
The crypto community gave a whopping $131 million to the Republican Party in this election. Trump’s campaign began accepting crypto donations in May, raising millions of dollars.
Outline future strategies:-
Trump plans to create a White House position dedicated to crypto policies. Also, Howard Lutnick, a supporter of the Tether company, has also been appointed to an important position.
Opinions of opponents:-
Federal Reserve Chair Jerome Powell called Bitcoin a “speculative asset.” According to him, Bitcoin is not a rival to the dollar but to gold. He clarified his negative stance on crypto by saying that he is not allowed to buy cryptocurrency himself.
Future crypto market:-
Crypto proponent Anthony Pompliano said, “If you like Bitcoin at $1,00,000, you’ll like it even more at $1 million.” Investors in Bitcoin and cryptocurrencies have high expectations from the Trump administration, especially after four years of opposition from the Biden administration.
Trump’s attempt to create policies favorable to the crypto industry is seen as the beginning of a new era.