Trump Victory Indicates Positive Future for Crypto Sector in America
Following Donald Trump’s successful election, Binance CEO Richard Teng has expressed optimism regarding the future of the cryptocurrency industry in the United States. Teng sees Trump’s victory as a « golden era » for the sector, expecting the arrival of new regulators who are more open to digital currencies, as reported by the Financial Times.
Bitcoin Price Surge Post-Election
After the election, Bitcoin experienced a significant surge of nearly 10%, reaching a record high of over $76,000. A record $1.4 billion was invested in U.S. Bitcoin exchange-traded funds, such as Grayscale Bitcoin Trust (NYSE:GBTC) and iShares Bitcoin Trust ETF (NASDAQ:IBIT), directly investing in the cryptocurrency, according to Bloomberg data.
Optimism Among Investors and Industry Experts
Investors are optimistic about the Trump administration’s potential to attract major U.S. institutions that have been hesitant to get involved in the crypto industry. Venture capitalist Shervin Pishevar believes the U.S. is on the brink of sensible crypto policy. This positive sentiment is shared by industry leaders like Mike Novogratz, who views Trump’s victory as a critical moment for the cryptocurrency industry.
Positive Outlook for Bitcoin and Gold
Market analysts anticipate a bullish cycle in the crypto market due to favorable macroeconomic conditions and the potential for more crypto-friendly legislation under the Republican administration. The shift in regulatory policies is expected to boost the performance of Bitcoin and gold as reliable stores of value in times of currency devaluation.
Bitcoin Price Action
Bitcoin is currently trading at $79,167, marking a 15.45% increase over the past week. This price surge has led Bitcoin to surpass the $79,000 threshold for the first time.
Source : finance.yahoo.com