FILE – Republican presidential candidate former President Donald Trump speaks on the Bitcoin 2024 Convention Saturday, July 27, 2024, in Nashville, Tenn.(AP)
“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” Justin D’Anethan, a Hong Kong-based unbiased crypto analyst, informed Reuters.
Trump’s beneficial stance in the direction of cryptocurrencies is anticipated to favour its progress as soon as he assumes workplace in January 2025. Bitcoin has greater than doubled in worth this 12 months and is up about 45% within the 4 weeks since Trump’s sweeping election victory.
On Wednesday, Trump stated he would nominate former SEC commissioner Paul Atkins to move the Securities and Alternate Fee. Atkinson has been the co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.
Trump additionally promised to create a brand new crypto advisory council, and several other crypto firms, together with Ripple, Kraken, and Circle, are jostling for a seat. In accordance with a number of digital asset business executives, the council may have a significant say in Trump’s deliberate overhaul of US cryptocurrency coverage.
American billionaire Elon Musk, a Trump backer, additionally favours liberal regulation of crypto belongings.
“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” stated Mike Novogratz, founder and CEO of U.S. crypto agency Galaxy Digital.
“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path,” Novogratz added.
Trump’s shifting stance
Throughout his first time period, Trump referred to cryptocurrencies as a “scam.” His transfer to chop company taxes throughout his first time period introduced extra liquidity into the markets and drove extra investments into high-growth belongings resembling cryptocurrency.
Throughout the ballot marketing campaign, Trump projected himself as a “crypto-friendly” candidate and even pledged to make the US the “bitcoin and cryptocurrency capital of the world”. Trump additionally promised to make sure the US federal authorities doesn’t liquidate its crypto belongings.
He additionally contemplated making a “strategic reserve” of bitcoin. The hovering worth of bitcoin satisfied Trump to launch his new enterprise, World Liberty Monetary, with relations to commerce cryptocurrencies. The Monetary Instances reported final week that Trump’s social media firm Reality Social is near an all-stock acquisition of Bakkt, a crypto buying and selling agency.