“The Trump effect” continues in bitcoin. The largest cryptocurrency by capitalization crossed the $95,000 mark (approximately 90,000 euros) for the first time, on Thursday, November 21 at around 2:24 am Paris time. Bitcoin then declined slightly before hitting $95,000 again around 4:15 a.m.
Since Donald Trump’s victory in the US presidential election on November 5, the value of bitcoin has increased by around 35%. After surpassing its record last March, the digital currency rose above $80,000 on November 10 and then $90,000 on November 13.
“Bitcoin is on track for a phenomenal $100,000 valuation, fueled by growing confidence that the Trump administration will usher in a cryptocurrency-friendly era, and speculators are rallying behind this narrative, fueling the frenzy.” SPI Asset Management analyst Stephen Innes observed Thursday.
The promise of a “world capital of bitcoin and cryptocurrencies”
Among the measures expected from the cryptocurrency sector is a strategic reserve of bitcoins in the United States, composed mainly of tokens seized by the courts, and which could push other countries to grant more legitimacy to this virtual currency. To establish it, the US government would commit to no longer selling the bitcoins it already owns, mainly seized within the framework of judicial processes.
The Republican president-elect also promised to dramatically relax regulations on the digital currency sector, certifying that he would make the United States “the world capital of bitcoin and cryptocurrencies”. In particular, he promised to replace Gary Gensler, head of the police of the US financial markets, the SEC, hated by a sector that criticizes him for his repressive attitude.
