Bitcoin Surges above $109,000 ahead of Trump’s Potential early Crypto Action
As a fervent cryptocurrency industry wagers that President-elect Donald Trump would act shortly after his return to the White House, the price of bitcoin jumped to above $109,000 early Monday, just hours before his inauguration.
Formerly a sceptic who claimed a few years ago that Bitcoin “seems like a scam,” Trump has enthusiastically embraced digital currencies. In addition to starting a new cryptocurrency business, he promised throughout the campaign to move quickly to turn the United States into the world’s “crypto capital. A U.S. cryptocurrency stockpile, industry-friendly regulations, and the appointment of a crypto “czar” for his government were among his pledges.
The most well-known cryptocurrency in the world, Bitcoin, was developed in 2009 as an electronic currency that was unregulated by governments or banks. In wild fits and starts, it and other cryptocurrency variants have risen from the financial periphery to the mainstream.
Many detractors claim that cryptocurrencies are merely Ponzi schemes and have little practical use due to their extremely volatile nature and use by criminals, scammers, and rogue governments.
However, despite its brief existence, cryptocurrency has so far resisted sceptics and withstood several protracted price declines. Rich cryptocurrency players, who felt unfairly singled out by the Biden administration, made significant financial investments to support Trump in the November election.
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