A Trump bitcoin promise is what crypto fans once fought against. They love it anyway
CNN
The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. The reason? They may have finally convinced the government to get its hands on bitcoin.
The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. The reason? They may have finally convinced the government to get its hands on bitcoin. See here: The price of bitcoin, the OG digital asset created out of computer code 15 years ago, has shot up more than 30% since Election Day, repeatedly smashing its record high and peaking (as of this writing) just shy of $90,000. The price has more than doubled since the beginning of the year, and some analysts are projecting it could hit $100,000 by year-end. The broader stock market is up, too, as Wall Street is breathing a sigh of a relief that the US election results came in faster and more decisively than expected. But crypto, which often moves in step with stocks, tends to have higher highs and lower lows, which is why people like to gamble on it. And boy are they gambling this week. Much of the hype fueling bitcoin’s rally centers on expectations that President-elect Donald Trump will usher in a pro-crypto agenda, bestowing legitimacy on an industry that for years has been dismissed by the mainstream investor class and stonewalled by regulators. “The rally that we’re seeing is more of a normalizing of what the market dynamic should be around the crypto sector,” Faryar Shirzad, the chief policy officer at Coinbase, told me Tuesday. “I think what we’re seeing is a real, live demonstration of how much the political headwinds that we’ve been facing over the last four years have suppressed the crypto markets.” Trump, who as recently as 2021 said crypto “seems like a scam,” did a 180 on the industry earlier this year, in an apparent change of heart that coincided with the sector’s rebound from its disastrous 2022 (marked in part by the collapse of crypto exchange FTX and the criminal prosecution of its once-high-flying founder, Sam Bankman-Fried). Part of that comeback involved a Coinbase-led political mobilization that ended up funneling tens of millions of dollars into various races around the country, becoming the biggest-spending industry in the 2024 election cycle.
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The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. The reason? They may have finally convinced the government to get its hands on bitcoin.
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