Bitcoin Hits Record High Amid Speculation About Trump's Return to the White House
Bitcoin surged to a new all-time high on Sunday, surpassing $80,000 for the first time, with traders speculating that a potential return of Donald Trump to the White House could benefit the cryptocurrency market. Just after 12:00 p.m. GMT, Bitcoin reached the milestone, continuing its upward trend following Trump's victory in the US presidential election.
On Wednesday, Bitcoin saw a nearly 9% increase, surpassing its previous high of $73,797.98 set in March, and topping $75,000. The digital currency's rise is seen by many as linked to Trump's pro-crypto stance, as he has pledged to make the US the "world capital of bitcoin and cryptocurrencies."
During his campaign, Trump outlined his vision for cryptocurrencies, emphasizing their importance to the future of the country. He has promised to secure Bitcoin assets for the government and establish a "strategic reserve" under his administration. Trump also predicted that Bitcoin could surpass gold’s $16 trillion market cap.
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In a stark shift from his earlier dismissals of cryptocurrencies, Trump now supports the sector. Back in 2019, he called Bitcoin's value "based on thin air" and warned that it was a "disaster waiting to happen." However, his campaign is now accepting cryptocurrency donations, signaling a significant change in his views.
The United States currently holds about 212,000 Bitcoins, valued at approximately $15 billion, according to recent reports from Forbes.
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