Trump Fuels Bitcoin Rally, But Where Will It Go Next Year?
Crypto giant Bitcoin (CRYPTO: BTC) surged beyond the $100,000 mark last week, reaching an all-time high of $103,259. This significant increase is largely credited to the perceived pro-crypto stance of President-elect Donald Trump.
What Happened: Bitcoin’s value has seen a nearly 50% increase since November 5, following the election of Trump. The incoming administration is anticipated to be the first to openly endorse cryptocurrencies.
The pro-crypto stance of Trump’s administration has wider implications for investors, the dollar, taxes, federal regulation, Treasury bonds, and gold, reports Barron’s.
The President-elect has made commitments to the crypto industry, including the establishment of a “strategic national Bitcoin stockpile” and the appointment of a crypto advisory council.
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