Bitcoin on Monday hit a new record above US$80,000 (NZ$136,355). The world’s largest cryptocurrency surged in the run-up to last week’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win the US presidency.
What’s Trump done to affect Crypto?
Trump was once a bitcoin sceptic, once saying it “was based on thin air,” but in recent months he has fully embraced crypto.
A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.
“It’s very young and very growing,” Trump said of the cryptocurrency industry on 16 September while unveiling World Liberty Financial. “I do believe in it.”
Trump said in August that cryptocurrencies could “define the future,” adding he wanted it “mined, minted and made in the USA.” He also proposed a strategic national bitcoin stockpile, akin to America’s strategic petroleum reserve, directly purchasing and investing in cryptocurrencies as a national security measure.
Elon Musk who has emerged as one of Trump’s most visible and ardent supporters is also a supporter of crypto. His favourite coin is Dogecoin, and that surged more than 20 percent on Monday.
So the big question on the minds of most crypto investors is how serious was Trump? And if you believe that Trump will promote crypto as more mainstream then it could be a good time to get started with investing or mining crypto.
