“The Trump effect” continues on bitcoin. The largest cryptocurrency by capitalization crossed the $95,000 mark (approximately 90,000 euros) for the first time, Thursday, November 21 around 2:24 a.m. Paris time. Bitcoin then declined slightly before rising above $95,000 again around 4:15 a.m. and approaching $97,000 an hour later.
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Since Donald Trump's victory in the US presidential election on November 5, the value of bitcoin has increased by around 35%. After surpassing its March record, the digital currency rose above $80,000 on November 10, then $90,000 on November 13.
“Bitcoin is on its way to a phenomenal $100,000 valuation, driven by growing confidence that the Trump administration will usher in a crypto-friendly era, and speculators are rallying behind this narrative, fueling the frenzy.” market, observed Stephen Innes, analyst at SPI Asset Management, on Thursday.
The promise of a “world capital of cryptocurrencies”
Among the measures expected by the cryptocurrency sector, that of a strategic reserve of bitcoins in the United States, mainly made up of tokens seized by the courts, and which could push other countries to grant more legitimacy to this virtual currency. To constitute it, the American government would undertake to no longer sell the bitcoins already in its possession, mainly seized in the context of legal cases.
The Republican president-elect also promised to drastically ease regulations on the digital currency sector, certifying that he would make the United States “the world capital of bitcoin and cryptocurrencies”. In particular, he vowed to replace Gary Gensler, the boss of the policeman of American financial markets, the SEC, hated by a sector which criticizes him for a repressive approach.
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