America The stormy rise in the price of Bitcoin continued on Friday after the victory of Donald Trump in the presidential election. On Friday, the price of Bitcoin crossed $99,000 for the first time. The price of Bitcoin reached its lifetime high of $99,502.92 around 1 pm on Friday. This cryptocurrency has jumped by more than 40 percent in just a week. Bitcoin has now reached close to a million dollars, two years after falling below $17,000 following the collapse of crypto exchange FTX.
Trump had supported cryptocurrency before the presidential elections
This surprising rise in the price of Bitcoin has come at a time when industry experts are expecting that the Donald Trump administration will come up with a more favorable policy for crypto to regulate the digital currency. According to CoinDesk, Bitcoin was trading at $98,882 on Friday morning. Trump was initially skeptical about cryptocurrencies, but before the election he changed his mind and favored cryptocurrencies. He had pledged to make America the crypto capital of the world and create a strategic reserve of Bitcoin.
Trump received cryptocurrency in donations during the election
He also accepted cryptocurrencies as donations during his election campaign. Supporters of the crypto industry welcomed Trump’s victory. He hopes to be able to push through the legislative and regulatory changes he has long been advocating for. Let us tell you that cryptocurrency is a digital currency which is protected by cryptography (code). It is almost impossible to fake them and use them twice. They exist on a decentralized network using blockchain technology. Blockchain is a technology through which currencies like Bitcoin operate.
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