admin
Bitcoin closed in on the historic US$100 000 level, fuelled by optimism that President-elect Donald Trump’s support for crypto heralds a boom as the US pivots to friendly regulations in place of a crackdown.
The largest digital asset rose as much as 3,6 percent to a record US$97 892 on Thursday and hovered near that peak as of 6:25 a.m. in London.
The crypto market as a whole has gained approximately US$900 billion since Trump’s Nov. 5 election win.
Trump’s transition team has begun to hold discussions over whether to create a White House post dedicated to digital-asset policy.
The industry is pitching for the position — which would be the first of its kind in the US — to have a direct line to the president-elect, who is now one of crypto’s biggest cheerleaders.
The talks are the latest US boost for digital-asset market sentiment, alongside Bitcoin accumulator MicroStrategy’s plans to accelerate purchases of the token and the debut of options on the nation’s Bitcoin exchange-traded funds.
Speculators are increasingly focused on when, rather than if, Bitcoin will make the leap to US$100 000.
Advocates of its claimed role as a modern-day store of value cherish the six-figure number as a symbolic rebuttal of skeptics who see little utility in crypto and decry its links to money laundering and crime.
“Buyers are strangling the sellers,” said IG Australia Pty Market Analyst Tony Sycamore. “While I’m not sure it’s all going to be smooth sailing as it edges closer to the US$100 000 mark, the demand appears to be insatiable.”
MicroStrategy, the largest publicly traded corporate holder of Bitcoin, on Wednesday announced an almost 50 percent increase in planned sales of convertible senior notes, to US$2,6 billion, to fund purchases of the token. -Bloomberg
Online Reporter