Bitcoin price set to break records as Trump champions cryptocurrency

Small Caps11-22 09:46

The price of Bitcoin is tipped to continue to hit record levels on the back of growing confidence in the cryptocurrency’s future following Donald Trump’s election success. With Mr Trump providing a ...

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value currently estimated at around US$1.8 trillion.\nAdvisory council\nThe latest surge follows President-elect Trump’s strong promotion of Bitcoin in the election lead-up, in particular his promise to establish a crypto advisory council.\nAccording to Reuters, several leading crypto companies are now putting forward their cases to be included in the council, which is rumoured to be considering the establishment of a strategic Bitcoin reserve.\nThere are also calls for the new government to include executive orders guaranteeing crypto companies’ access to banking services, an end to enforcement actions and other changes.\nAnalysts are forecasting that the cryptocurrency’s value could hit US$100,000 in the near future and eventually reach US$1 million.\nSEC resignation\nMr Trump’s support for cryptocurrency has not been welcomed by all, with reports that chair of the US Securities and Exchange Commission (SEC) Gary Gensler will resign from his role on the day of Mr Trump’s inauguration. 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