November 10th 2024.
Bitcoin has made headlines yet again as its value skyrocketed above $80,000 on Sunday. This surge comes in anticipation of the US presidential election on Tuesday, and it has only continued to rise since Donald Trump's victory. In fact, Bitcoin has seen an 80% increase in value this year, far surpassing the S&P 500's impressive 25.7% gain.
Although Bitcoin briefly reached the $80,000 milestone, it has since settled just below it. The cryptocurrency industry is buzzing with excitement, as many believe that Trump's win is a positive sign for digital currencies. This is a stark contrast to Biden's administration, which has shown a more cautious approach towards regulating crypto.
Interestingly, Trump himself used to be a skeptic of Bitcoin, once claiming that it was "based on thin air." However, he seems to have had a change of heart in recent months, fully embracing the world of crypto. In fact, Trump and his children have even started their own crypto business, World Liberty Financial.
During the unveiling of World Liberty Financial, Trump expressed his belief in the industry, stating that it is "very young and very growing." This is in stark contrast to the Biden administration, which has shown more skepticism towards crypto. In fact, the Securities and Exchange Commission (SEC) Chairman, Gary Gensler, has referred to the industry as "ripe with fraud, scams and abuses."
Under Gensler's leadership, the SEC has sued several crypto companies and worked towards regulating the industry. He has also partnered with other regulators, such as the Department of Justice, in going after fraudulent activities in the crypto world. However, Gensler did eventually approve a bitcoin exchange-traded fund, allowing people to invest in cryptocurrencies through their retirement accounts.
In 2024, Gensler's own personal account was hacked, falsely announcing the launch of the highly-anticipated bitcoin ETF. This caused a temporary surge in the value of cryptocurrencies. Trump, on the other hand, has expressed his belief in the potential of cryptocurrencies, stating that they could "define the future." He even proposed the idea of a national bitcoin stockpile as a national security measure.
One of Trump's most vocal supporters, Elon Musk, is also known for his bullish stance on crypto. In fact, one of Musk's favorite coins, Dogecoin, saw a 20% increase in value on Sunday and has been on a steady rise throughout the week. With all this excitement and support from influential figures, it's no wonder that Bitcoin continues to make headlines and gain momentum.
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