Bitcoin owners are living a waking dream. The most famous digital currency has just crossed the highly symbolic mark of $100,000. A level that many considered unattainable just a few months ago. It must be said that since the proclamation of the results of the American presidential election, and the victory of Donald Trump over Kamala Harris, Bitcoin is experiencing a true golden age.
Throughout his campaign, the Republican candidate made big promises to cryptocurrency owners. So, since the announcement of his return to the White House, Bitcoin has been soaring. At the same time, major Wall Street investment funds took advantage of this external event to make a profit. They injected billions of dollars into the machine, further screwing up the system.
In less than a month, Bitcoin went from $67,000 to just over $100,000. At the time of writing, it is valued at more than 96 000 euros (101 000 dollars).
Donald Trump, solely responsible?
When we look at financial expert reports, many attribute all the credits for this sudden explosion in the value of Bitcoin to Donald Trump. Cryptocurrency has reportedly gained importance as the Republican candidate has repeatedly promised a relaxation of regulations around owners.
The arrival of Elon Musk, a great defender of cryptocurrencies, in the Republican candidate’s inner circle also reassured owners of digital currencies, reassuring them in the idea that Donald Trump’s promises would see the light of day in the coming months.
Just a few hours ago, it was another announcement from Donald Trump that ignited the powder. The future US president said he would appoint Paul Atkins to head the SEC. The financial organization, in charge of regulating the markets, was until then in the hands of Gary Gensler, who did not have cryptocurrencies in his heart. His departure therefore gave confidence to investors who hope to see the creation of a “national Bitcoin reserve” as promised by Donald Trump.
The market feeds on itself
But the current explosion in the Price of bitcoin cannot be attributed to a single man, however powerful he may be. Indeed, the value of Bitcoin is estimated according to a basic economic principle: supply and demand. However, to reach new ceilings, Bitcoin needs more supply than demand.
If Donald Trump’s promises have delighted current owners of cryptocurrencies, new players have decided to enter the market in recent weeks, increasing demand, while supply is increasingly limited.
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