Cryptocurrency Bitcoin crossed the $90,000-mark on Wednesday, November 13 after Republican contender and US President-elect Donald Trump offered to relax regulation around the digital tokens, said the news agency AFP.
Bitcoin soared to an all-time high above $91,000 before dipping to $90,670 on Wednesday. The volatile digital currency has gained a lot since Trump won last week’s US presidential election, smashing its prior record highs many times.
Trump, in his election campaign, declared that he aims to make the United States the “bitcoin and cryptocurrency capital of the world,” according to the agency report.
The Trump administration’s previous tenure witnessed corporate tax cuts that poured more liquidity into the market, promoting investment in cryptocurrencies.
Trump also announced in September that he, along with his kids and entrepreneurs, will develop a digital currency platform titled World Liberty Financial. But it had a failing sales launch earlier this month with a fraction of tokens that went on the market finding a buyer, as per the agency report.
Cryptocurrencies have been in the headlines since their creation, with reference to high volatility to the collapse of several industry titans, amongst them on top of the FTX exchange platform case.
On the route to elections, Trump supposedly became the first previous president to use Bitcoin in a purchase. He bought burgers at a New York City eatery was heralded as a “historic transaction,” as per the article.
“The new political landscape may bring clearer regulations for crypto assets and could prompt strategic developments, such as a national bitcoin reserve and growth in the mining sector,” Carl Szantyr, managing partner of digital asset hedge fund Blockstone Capital, told the news agency Reuters on Wednesday.
Key areas to examine include prospective regulatory changes, more institutional engagement, and a spike in M&A activity, said Szantyr, said the news agency.
