Bitcoin's value soared past $109,000 early Monday, ahead of Donald Trump's presidential inauguration, fueled by optimism in his pro-cryptocurrency stance. Once a skeptic, Trump now passionately supports digital currencies, planning to turn the US into the "crypto capital" of the world. His initiatives include creating a US crypto reserve, establishing crypto-friendly regulations, and appointing a dedicated crypto advisor.
Trump's Cabinet selections align with his crypto agenda, including crypto enthusiasts for Treasury and Commerce leadership and appointing David Sacks as the crypto "czar." Former North Carolina congressional candidate Bo Hines will head the Presidential Council of Advisers for Digital Assets. Emphasizing industry support, Trump assured "people who love your industry, not hate your industry" will frame new regulations.
The crypto sector anticipates a strategic shift, particularly at the SEC, hoping for relaxed policies. Bitcoin surged since Trump's election win, hitting $100,000 last month. Crypto backers, discontent with Biden's administration, are optimistic about Trump's approach. His government plans to stockpile bitcoin, likening it to gold reserves, potentially diversifying the US's financial assets. Creating a National Bitcoin Reserve could legitimize the cryptocurrency, though critics note its volatility. Additionally, at a bitcoin conference, Trump reiterated his promise to commute Ross Ulbricht's sentence, appealing to crypto and Libertarian supporters who criticize the government's approach in the Silk Road case. (This story was generated by Newser's AI chatbot. Source: the AP)
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