Bitcoin Hits $95,000 for the First Time Amid Trump’s Shifting Stance on Cryptocurrencies
Bitcoin’s price surpassed $95,000 for the first time in its history on Thursday, driven by optimism surrounding the potential return of former President Donald Trump to the White House. Investors are hopeful that Trump’s return could lead to more favorable cryptocurrency regulations.
At around 01:24 UTC, Bitcoin reached $95,004.5 before pulling back slightly, settling at $94,463 by 01:30 UTC.
During his first term, Trump referred to digital currencies as a scam. However, his stance has shifted dramatically since then, even launching his own digital currency. He has pledged to make the U.S. the “global capital of Bitcoin and digital currencies.” Throughout his election campaign, Trump discussed the idea of establishing a national Bitcoin reserve, receiving support from cryptocurrency advocacy groups.
Bitcoin, originally designed to bypass traditional financial institution oversight, operates on blockchain technology, which acts as a tamper-proof ledger to track all transactions. However, regulators continue to work on addressing the legal gaps surrounding digital assets, which are still often associated with money laundering and fraud.
