The president has endorsed the creation of a bitcoin reserve and frequently argued in favour of the benefits to the US economy from greater adoption of cryptocurrencies
Former US president Donald Trump has thrown his support behind bitcoin and other cryptocurrencies, frequently touting their benefits to the US economy and even endorsing a crypto venture backed by his sons.
Trump's close relationship with Elon Musk, the chief executive of Tesla and the world's richest man, could bode well for the cryptocurrency industry, given Musk's long-standing support for the digital assets.
Efforts to rein in the industry have been led by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), the financial regulator. Trump has said that he intended to fire Gensler from day one. Gensler's term is due to end in July 2026.
Among other moves, the SEC is pursuing the crypto exchange Coinbase. US regulators have faced criticism in some quarters for being too aggressive in their pursuit of crypto firms.
American stock markets have risen to record highs on expectations that Trump will extend and deepen cuts to income and corporation taxes made during his first term as president.
The yield on US government debt, or US treasuries, however, has been steadily increasing over the past month as markets priced in a greater chance of a Trump win. Trump has said he will impose blanket tariffs of up to 20 per cent on all imports, which economists think may be inflationary.
On Sunday evening, bitcoin was trading at $79,844.75.
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