Bitcoin reached an all-time high of $109,241 on Monday as anticipation grew around Donald Trump’s inauguration as the US president. Trump has signaled plans to deregulate the cryptocurrency sector, fueling optimism among investors.
The world’s largest cryptocurrency experienced a slight pullback, trading at $107,765 around 0740 GMT after reaching its peak earlier in the day.
Bitcoin’s remarkable rally began following Trump’s victory in the November presidential election. It surpassed the $100,000 milestone for the first time in early December.
Trump’s nomination of Paul Atkins, a pro-cryptocurrency advocate, to lead the US Securities and Exchange Commission bolstered market confidence in the sector’s deregulation under the new administration.
Although Trump had previously dismissed cryptocurrencies as a “scam,” he reversed his stance during the campaign, becoming a prominent supporter. Over the weekend, he introduced his own cryptocurrency, $TRUMP, which quickly gained traction and saw its market capitalization soar to billions of dollars.
Celebrating Bitcoin’s $100,000 milestone, Trump posted on his Truth Social platform: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Cryptocurrencies have been at the center of financial headlines, experiencing both significant volatility and the collapse of major industry players, such as the FTX exchange.
Bitcoin, created in 2008 under the pseudonym Satoshi Nakamoto, was designed as a decentralized platform for transactions, offering an alternative to mainstream financial institutions.
The cryptocurrency is mined by solving complex computational problems to validate transactions on the blockchain, a tamper-proof ledger.
Despite its rise, Bitcoin has faced criticism for its association with untraceable payments on the dark web, its role in money laundering, and its use in ransomware schemes. Environmental concerns have also been raised due to the high energy consumption involved in cryptocurrency mining.
Peoplesmind
