United States: Bitcoin has surpassed a major milestone on Thursday as more and more investors are showing confidence in the cryptocurrency. Clocking in a record high of $103,800 on Thursday, the cryptocurrency is expected to grow even further.
This boost in the popularity of the cryptocurrency has come about after Donald Trump emerged victorious in the November 2024 US Presidential elections. The president elect has been taking a pro-crypto route, which has sparked increased confidence among investors.
Since the victory of businessman and Politician Donald Trump in the 2024 presidential elctions, the cryptocurrency has a boost of 50 percent. Standing at $ 103,800, the oldest cryptocurrency in the world is at an all time high
Trump Administration dubbed Crypto-Friendly
The president elect of the US has announced his administration ‘s intention to make United States into the “bitcoin superpower” of the world. Furthermore, Trump also appointed crypto advocate, Paul Atkins, at the head of the Securities and Exchange Commission.
These steps, along with the President’s projected plans for the future of bitcoin have led to this exponential rise cryptocurrency markets. The administration has also sought the services of Howard Lutnick for the Commerce Department.
On the other hand, American entrepreneur and billionaire Elon Musk to co-lead the “Department of Government Efficiency,” The department has humorously been dubbed as Doge, a clever nod to DogeCoin, another form of cryptocurrency.
Kris Marszalek, CEO of Crypto.com has called this a major milestone for the cryptocurrency sphere. He said that the surge proves that the fight to make cryptocurrency into a mainstream financial instrument is going in the right direction.
Bitcoin: The father of all cryptocurrencies
Bitcoin, founded over a decade and half ago in 2008 was the first of the cryptocurrencies. Howard Lutnick for the Commerce Department and Elon Musk to co-lead the “Department of Government Efficiency,” Founded by Satoshi Nakamoto, the aim of the currency was to help create a free market for the world.
The founder of Bitcoin remains a mysterious and anonymous person, with little known about his private life. He advocated for decentralization of the currency and decreased dependence on the world-wide banking systems.
The founder of Bitcoin had, at the time of the introduction of this currency, announced that only 21 Million Bitcoins would be mined or released for the world. Bitcoin, which was the first of its kind, has since given way to a variety of cryptocurrencies, which now form a completely market within itself.
International Trade and Cryptocurrency
Bitcoin, and similar cryptocurrencies have made trade and business across the continents simpler. The financial instrument is relatively free of traditional restrictions and can facilitate business transactions more efficiently.
The use of Bitcoin and similar cryptocurrencies have helped surpass trade sanctions that the international market has put in place. In line with this, nations like Russia, who have been affected by sanctions are supporting the use of bitcoin for international trade.