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Cryptocurrency News Articles
Bitcoin Nears US$100,000 as Trump Presidency Promises to Usher in Crypto Boom
Nov 22, 2024 at 06:02 am
Bitcoin closed in on the historic US$100 000 level, fuelled by optimism that President-elect Donald Trump’s support for crypto heralds a boom as the US pivots to friendly regulations in place of a crackdown.
Bitcoin approached the landmark level of US$100 000 on Thursday as optimism over President-elect Donald Trump’s crypto-friendly stance spurred demand for the largest digital asset.
The token rose by as much as 3,6 percent to a record US$97 892 during the session and was trading around that peak as of 6:25 a.m. in London.
The broader crypto market has gained about US$900 billion since Trump’s election victory on Nov. 5.
Trump’s transition team has discussed creating a White House role dedicated to digital-asset policy, according to people familiar with the matter.
The industry is pushing for the position — which would be the first of its kind in the US — to have direct access to the president-elect, who has emerged as one of crypto’s biggest cheerleaders.
The talks are the latest development in the US that’s buoying sentiment in the digital-asset market, along with Bitcoin accumulator MicroStrategy’s plans to ramp up purchases of the token and the debut of options on the nation’s Bitcoin exchange-traded funds.
Speculation has shifted to whether — rather than when — Bitcoin will breach US$100 000.
Proponents of its role as a modern store of value point to the six-figure number as a symbolic retort to skeptics who see little use for crypto and highlight its ties to money laundering and crime.
“The buyers are suffocating the sellers,” said Tony Sycamore, a market analyst at IG Australia Pty. “While I’m not sure it’s going to be smooth sailing all the way as it approaches the US$100 000 mark, the demand does appear to be insatiable.”
MicroStrategy, the biggest publicly traded corporate holder of Bitcoin, said late Wednesday that it’s increasing planned sales of convertible senior notes by almost 50 percent to US$2,6 billion to fund purchases of the token. -Bloomberg
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