The prospect of a new Trump presidency has sent bitcoin, the most popular cryptocurrency, up more than 25% in a week and topping $90,000 for the first time on November 13.
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| The future of cryptocurrency is a hot topic not only in the US but also in other countries. (Source: MoneyDiges) |
Recently, the website Diario Las Américas commented that President-elect Donald Trump's return to the White House is a blessing for many players in the cryptocurrency sector, who hope that the US will reposition this global market.
The Washington Post reported that shortly after his election, Trump began looking for crypto-supporters for key positions in his future administration. The paper noted that some members of President-elect Trump’s team were tasked with researching the crypto world to better understand its regulatory aspects.
The prospect of a new Trump presidency has sent bitcoin, the most popular cryptocurrency, up more than 25% in a week and topping $90,000 for the first time on November 13.
Katherine Snow, chief legal officer at Thesis, a company that develops bitcoin-based applications, said the lack of clear rules not only hinders innovation but also drives companies in the sector to countries with more transparent laws.
Simon Peters, an analyst at investment platform eToro, said changes in a second Trump term could “accelerate the approval process for new investment products” and “increase capital flows” into the crypto ecosystem.
Xion platform founder Burnt Banksy hopes that Trump's return to the White House will promote the normalization of the existence of cryptocurrencies, so that talented people do not feel risky when participating in this industry.
Legalizing cryptocurrencies would also facilitate the creation of a national bitcoin reserve, a solution that Mr. Trump mentioned in July.
The US government has about 210,000 bitcoins, mostly from seizures in court cases, worth about $18 billion, said analyst Simon Peters.
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