Bitcoin hits record above $109,000 awaiting Trump

Bitcoin hits record above $109,000 awaiting Trump

London – Bitcoin soared to a record high of $109,241 on Monday as anticipation grew over Donald Trump’s impending inauguration as the next U.S. president. The cryptocurrency briefly surged past the historic milestone before settling at around $107,500.

The world’s largest cryptocurrency has been on a remarkable rally since Trump’s victory in November’s presidential election, crossing the $100,000 mark for the first time in early December. Optimism among investors has been fueled by Trump’s crypto-friendly rhetoric and his decision to nominate cryptocurrency advocate Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC).

Trump’s Evolving Stance on Cryptocurrencies

Despite previously dismissing cryptocurrencies as a “scam,” Trump has since embraced the sector, becoming one of its most prominent advocates during his campaign. After Bitcoin’s $100,000 milestone, Trump took to Truth Social to congratulate investors, writing:

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

$TRUMP: Trump Launches His Own Cryptocurrency

Over the weekend, Trump unveiled his own cryptocurrency, a meme coin aptly named $TRUMP, sparking a frenzy among investors. The coin’s market capitalization has already soared into the billions, driven by feverish buying.

The $TRUMP meme coin, modeled on popular internet trends and personalities, was announced on Trump’s Truth Social platform and X, owned by fellow crypto enthusiast Elon Musk.

Analysts Weigh In

While Trump’s pro-crypto policies have buoyed the market, analysts caution against unchecked optimism.
“His pro-growth policies and deregulation are expected to benefit the U.S. economy, but his tariff policies will certainly lead inflation higher,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.

Bitcoin’s Controversial Legacy

Bitcoin, which was introduced in 2008 by an anonymous entity under the pseudonym Satoshi Nakamoto, has faced criticism over the years. Though celebrated as a decentralized alternative to traditional finance, it has been associated with untraceable payments on the dark web, money laundering, and ransomware activities.

Environmental concerns have also dogged the cryptocurrency due to the massive energy consumption required for mining, a process involving high-powered computers solving complex mathematical problems to validate blockchain transactions.

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