Virtual currency|The value of Bitcoin is now more than double compared to a year ago.
The summary is made by artificial intelligence and checked by a human.
The value of Bitcoin has risen to over $81,000 since Trump’s election victory.
Bitcoin’s price has more than doubled in a year.
The value of Dogecoin, marketed by billionaire Elon Musk, also increased by 50 percent in the last week.
Trump’s promises about virtual currencies have increased the optimism of crypto investors.
Cryptocurrency the price of bitcoin has been on a sharp rise since Donald Trump’s the election victory was secured in the United States.
On Monday, the value of one bitcoin rose to more than 81,000 dollars, or about 76,000 euros. The value of the cryptocurrency has more than doubled since a year ago, when the bitcoin price hovered below $38,000.
Bitcoin’s price has seen an upward trend and broke records earlier this year. For example, at the beginning of March, the price of bitcoin rose to its highest level in two years, i.e. to 65,000 US dollars.
At that time, the cryptocurrency’s value was boosted by the January decision of the United States to allow exchange-listed ETF funds that invest directly in bitcoin.
Bitcoin’s price development was therefore bullish even before Trump’s election victory, but the victory seems to have given the rise more impetus.
Overall, the value of bitcoin has increased by 94 percent during the current year.
Bitcoin In addition, the rates of other cryptocurrencies have also seen a rapid rise in the last week.
For example, an influential billionaire in Trump’s background Elon Musk’s advertised virtual currency Dogecoin has risen by around 50 percent in the last five days, reports the news agency Bloomberg.
The rise in the price of Bitcoin and other cryptocurrencies primarily reflects the expectations that crypto investors now have for the Trump administration starting in January.
Crypto investors have pinned their hopes on Trump’s presidential campaign promise to make the United States the “crypto center” of the world. In addition, Trump has talked about creating a “strategic bitcoin reserve” and appointing regulators who are positive about virtual currencies.
It was also no coincidence that cryptocurrency-enthusiastic constituencies fell in the US congressional elections over $119 million to support congressional candidates sympathetic to virtual currencies.
Trump’s the promises for virtual currency circuits are great, but there is no certainty that they will come true yet.
Thus, the rates of Bitcoin and other cryptocurrencies are now driven by the same optimistic expectations that have driven them before.
The value of virtual currencies lives along with the trust of investors. There is no central bank behind cryptos, just a changing amount of different ownership and belief.
Within the last three years, the world has seen several price crashes of virtual currencies, when investors have suddenly started doubting their value.
According to a report published last April by the consulting firm EY and the cryptocurrency research company K33 Research, 300,000 people over the age of 18 own bitcoin or other cryptocurrencies in Finland.