The price of bitcoin has soared to a record high of around $104,000 on Friday, fueled by speculation about potential crypto policy changes under President-elect Donald Trump’s administration.
Trump, a long-time skeptic of bitcoin, has now turned into a convert, and his campaign promises have included creating a US cryptocurrency stockpile, enacting industry-friendly regulation, and appointing a crypto “czar” to his administration.
As Trump takes office, key players in the crypto industry are eagerly awaiting his first moves. The Treasury and Commerce departments will be led by crypto supporters, and the head of the Securities and Exchange Commission has already been nominated to advocate for cryptocurrencies.
The industry is also celebrating with an exclusive event, the “Crypto Ball,” which promises to bring together top figures from the world of cryptocurrency. The event’s lineup includes musical entertainment and has sold out tickets costing thousands of dollars.
Trump has promised to create a crypto advisory council within his first 100 days, led by tech executive David Sacks as the administration’s crypto “czar.” He also plans to establish a Strategic Bitcoin Reserve, which would allow the US government to stockpile bitcoin like gold. This move is seen as a step towards normalizing and legitimating cryptocurrency in the eyes of the public.
Crypto advocates are optimistic about Trump’s potential policy changes, citing concerns over the Biden administration’s enforcement actions against cryptocurrencies. They hope that a more favorable regulatory environment will stimulate innovation and growth in the industry.
As the crypto community waits with bated breath for Trump’s next move, one thing is clear: bitcoin has become a major player in the global economy, and its price continues to rise as investors bet on its future.
Source: https://apnews.com/article/trump-crypto-bitcoin-council-reserve-ulbricht-b192e7ddf93ef9bad9d3209832dbb4ac