Bitcoin hit a record $109,241 on Monday, fueled by Donald Trump's pro-crypto stance and the unveiling of his $TRUMP meme coin. Investors anticipate sweeping deregulation under his presidency, sparking excitement across the cryptocurrency market.
On Monday, as Donald Trump, who has hinted at intentions to deregulation the cryptocurrency industry, is ready to take the oath of office as president of the United States, Bitcoin reached a new high of more over $109,000.
Before Trump's inauguration, the price of bitcoin soared to a record high of $109,241 before tumbling back down to about $107,500.
Since Trump's November victory, the value of the largest cryptocurrency in the world has skyrocketed; in early December, Bitcoin surpassed $100,000 for the first time. Supporters of cryptocurrencies are hopeful that the incoming president will deregulate the industry, as he appointed Paul Atkins to lead the US securities regulator.
Although Trump initially called cryptocurrencies a "scam," he later changed his mind and became an outspoken supporter of them throughout his campaign.
Trump congratulated bitcoiners on Truth Social when the cryptocurrency hit the $100,000 mark: "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!"
A so-called meme coin named $TRUMP, Trump's own cryptocurrency, was launched over the weekend. Its market capitalization soared to several billion dollars due to frantic buying.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, stated on Monday that, beyond that optimism, Trump measures are anticipated to be both beneficial and detrimental. The US economy stands to gain from his deregulation and pro-growth measures, but inflation will be pushed higher by his tariff plans.
The president-elect revealed the $TRUMP meme coin on his Truth Social platform and X, which is owned by Elon Musk, a fellow crypto enthusiast. Its purpose is to monetize the popularity of a person, movement, or viral internet trend.
Since their inception, cryptocurrencies have been in the news due to a number of factors, including their tremendous volatility and the demise of numerous industry heavyweights, most notably the FTX exchange platform.
Someone or some organization operating under the alias Satoshi Nakamoto came up with the idea for Bitcoin in 2008. By creating a decentralized platform for transactions, it was marketed as a means to liberate oneself from conventional financial institutions.
The digital money is "mined" when a network of computers work together to solve difficult puzzles and verify transactions on the blockchain, an immutable ledger.
Many people feel that Bitcoin is being utilized by criminals on the dark web, a secret section of the internet, to make anonymous payments. The asset has also been criticized for its role in enabling ransomware attacks and money laundering, The Raw Story shares.
Since cryptocurrency mining consumes vast quantities of electricity, its environmental impact has also been questioned.
