The first cryptocurrency has been boosted since the election of Donald Trump, who promised to make the United States “the world capital” of these digital currencies with more flexible regulations.
While the first demonstration against Donald Trump was held timidly in Washington on November 9, we can only see that his return to the White House delights many others. Including on Wall Street, which has been boosted since mid-week. Thus, the price of Bitcoin exceeded $80,000 this Sunday, November 10, for the first time in its history. Around 1 p.m. in Paris, the first digital currency by capitalization soared to a new peak of $80,116, before falling slightly. It had already reached 75,000 on Wednesday, a bar it had not crossed since March.
“Bitcoin capital of the world”
We must not believe in a coincidence: bitcoin has experienced a boom since the results of the American election. It must be said that the ex-businessman posed as the champion of these new currencies during his campaign, to the point of committing to making his country “the world capital of bitcoin and cryptocurrencies”. And therefore to promote regulatory relaxations favorable to these currencies.
No doubt he was also inspired by billionaire Elon Musk, one of his fervent supporters, who created his own digital currency, Dogecoin. This position also had the advantage of placing Donald Trump at odds with the Biden government, considered to be in favor of strict regulation of this controversial sector which largely escapes the control of institutions.
Towards an expansion of cryptocurrencies
With more favorable regulations, “there will be significant investments and the United States will have a strategic reserve of bitcoins”says Charles Morris, analyst at ByteTree. This trend could even, according to him, lead skeptical countries like the United Kingdom to “think again” on the attitude to have towards these currencies. Same tone for Stéphane Ifrah, analyst at Coinhouse, who predicts new momentum for bitcoin. He even estimates that the increase in the price will be confirmed in the coming days, or even weeks, towards a “next level” of «100 000 dollars».
This trend is not just about bitcoins. The proof with memecoins, these highly volatile parody digital currencies which are experiencing a similar boost. The same goes for Elon Musk’s dogecoin. Enough to convince the analyst Charles Morris that “the chances of bitcoin and cryptocurrencies becoming a much larger asset class have increased significantly.”
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