The crypto community sees a powerful new friend in Donald Trump. Here’s why
It can be hard to make sense of the price of bitcoin, which has swung wildly throughout its history. But in the aftermath of Donald Trump’s presidential victory in the United States, it’s reached unprecedented highs.
Last weekend, it surged past US$80,000 (A$122,492) for the first time. Then, on Tuesday, it briefly flirted with the US$90,000 threshold.
Many other cryptocurrencies also saw a significant boost. In Trump, the crypto community sees a powerful new friend. Speaking at a major bitcoin conference in Nashville in July, he promised to create a friendlier business environment if re-elected: We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry.
So, are things really looking up for crypto? Many of Trump’s plans have caused excitement in the sector – but there’s still good reason to be cautious. Read more: Trump's economic vision is no longer a 'maybe'.
