Cryptocurrency prices have soared since the Republican’s victory in the US presidential elections
The price of bitcoin surpassed the level of US$ 81,000 this Sunday (Nov 10, 2024). It recorded a high of US$81,373 before closing the day at US$80,388. It was priced at US$76,681 at opening. The data is from .
The cryptocurrency has been on a strong upward trajectory since November 5th, the date of the election in the United States. The count of Electoral College delegates indicated an advantage for Donald Trump (Republican) over Kamala Harris (Democrat) on the night of the 5th. His victory was on the morning of November 6th – the increase only on Wednesday (Nov 6) was of 8.96%.
The variation this month, from November 1st to November 10th, was 15.6%.
The optimism comes after Trump’s change in tone on the crypto market.
Next, read what Trump said about cryptocurrencies:
- jul.2019 – not being a fan of bitcoin or other cryptocurrencies because they are not money. He declared that the quotations were “based on nothing” and that the US only has currency, the “most dominant anywhere in the world”called dollar;
- jun.2021 – o bitcoin de “fraud”.
In July 2024, however, Trump in the opposite direction:
- declared the USA will be the “crypto capital of the planet”;
- stated that “if cryptocurrency is going to define the future, it will be mined, minted and made in the United States”;
- talked about firing Gary Gensler, president of the (Securities and Exchange Commission, the equivalent of the Securities and Exchange Commission) and defender of the regulation of cryptocurrencies. “The rules will be written by people who love their industry, not hate it”these.
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ELON MUSK
Trump in placing the businessman as “cost-cutting secretary”. The objective would be to improve the allocation of taxes collected.
“I will create a government efficiency commission tasked with conducting a financial and performance audit of the entire government, making recommendations for drastic reforms”, he stated.
Musk is a longtime supporter of cryptocurrencies. His electric vehicle company Tesla invested $1.5 billion in bitcoin in 2021.