Bitcoin: Trump on the Path of Satoshi Nakamoto
The recent surge in Bitcoin's value, surpassing $75,000 and setting a new record high from its previous peak of $73,738 on March 13, 2024, is largely attributed to Donald Trump's pro-crypto stance following his victory in the US elections. According to Stuttgarter Nachrichten (source: stuttgarter-nachrichten.de), Trump has proposed establishing a "strategic national Bitcoin reserve" as part of his vision for making the United States a global crypto powerhouse. This marks a significant shift from his earlier presidency, when he criticized Bitcoin as volatile.
Trump's agenda includes deregulation measures and opposition to digital central bank currencies while promising affordable electricity prices for Bitcoin mining operations. Additionally, all government-held Bitcoins are intended to be consolidated into this national reserve, despite skepticism from regulatory bodies like the SEC. The article also highlights that prominent figures such as Cameron and Tyler Winklevoss have contributed significantly to Trump's campaign with donations made through cryptocurrencies, including Bitcoin and Ethereum.
Cryptocurrency Markets under Trump's Influence
An analysis by MAS' Mohanty featured on Marketscreener CH (source: marketscreener.com) discusses how cryptocurrency markets might evolve under Trump's administration. It notes that during election night, Bitcoin reached an all-time high amid expectations surrounding potential policy changes favoring digital assets. However, both President Biden and Vice President Harris have been perceived by many investors as more restrictive towards cryptocurrencies compared to their predecessors.
This political dynamic has already influenced market behavior; within just one day around October 28th/29th alone, BTC rose over five percent, reaching above the $71k mark alongside other major cryptos experiencing gains, albeit not yet matching past peaks recorded throughout history, according to various sources cited across industry news outlets globally today!
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