Cryptocurrencies ranging from Bitcoin to memecoins have been on a tear since the election of Donald Trump to a second term in the White House.
Bitcoin has spent the weekend so far trading well shy of the landmark $US100,000 level, once again dashing enthusiasts’ hopes that the oldest of digital assets would breach that significant financial — and psychological — threshold.
Trump’s transition team has begun to hold discussions over whether to create a new White House post dedicated to digital-asset policy. Crypto is seeking a direct line to the president-elect, who has shaken off his earlier scepticism of digital assets and is now seen as an industry cheerleader. Bitcoin accumulator MicroStrategy Inc’s plans to accelerate purchases of the token, and the debut of options on US Bitcoin exchange-traded funds, also lifted sentiment this week.
Advocates of bitcoin’s claimed role as a modern-day store of value cherish the $US100,000 level as a symbolic rebuttal of sceptics who see little utility in crypto and decry its links to crime. While the token has more than doubled in price this year, many experts still question its fitness for investment portfolios.
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