Bitcoin surges to over $109,000 ahead of Trump’s inauguration

Once a skeptic who said a few years ago that bitcoin “ seems like a scam,” Trump has embraced digital currencies with a convert's zeal. He's launched a new cryptocurrency venture and vowed on the campaign trail to take steps early in his presidency to make the US into the “crypto capital” of the world

Washington: The price of bitcoin surged to over USD 109,000 early Monday, just hours ahead of President-elect Donald Trump‘s inauguration, as a pumped up cryptocurrency industry bets he’ll take action son after returning to the White House.

Once a skeptic who said a few years ago that bitcoin “ seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He’s launched a new cryptocurrency venture and vowed on the campaign trail to take steps early in his presidency to make the US into the “crypto capital” of the world.

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His promises including creating a US crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration. “You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.

Bitcoin is the world’s most popular cryptocurrency and was created in 2009 as a kind of electronic cash uncontrolled by banks or governments. It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in wild fits and starts.

The highly volatile nature of cryptocurrencies as well as their use by criminals, scammers and rogue nations, has attracted plenty of critics, who say the digital currencies have limited utility and often are just Ponzi schemes.

But crypto has so far defied naysayers and survived multiple prolonged price drops in its short lifespan. Wealthy players in the crypto industry, which felt unfairly targeted by the Biden administration, spent heavily to help Trump win last November’s election. Bitcoin has surged in price since Trump’s victory, topping $100,000 for the first time last month before briefly sliding down to about USD 90,000. On Friday, it rose about 5%. It jumped more than USD 9,000 early Monday, according to CoinDesk.

Two years ago, bitcoin was trading at about USD 20,000.

Trump’s picks for key cabinet and regulatory positions are stocked with crypto supporters, including his choice to lead the Treasury and Commerce departments and the head of the Securities and Exchange Commission.

Key industry players held a first ever “Crypto Ball” on Friday to celebrate the first “crypto president.” The event was sold out, with tickets costing several thousand dollars.