Bitcoin’s price just recently made a historic high at $80,000. As of this moment, bitcoin’s price is trading above $80,400.
Bitcoin as well as cryptocurrencies got a big boost from the recent USA elections and Donald Trump’s victory. A Trump victory was said to be a big victory for cryptocurrencies.
Trump was seen as pro-crypto. For one, he has pledged to create a cryptocurrency reserve if he wins a second term. Then another, he vowed to out SEC’s chairperson Gary Gensler who brought many lawsuits against cryptocurrencies.
With Trump still about to take seat, this could just be the start for a very strong cryptocurrencies price rallies.
Aside from Trump, Elon Musk is seen to add more fuel for cryptocurrencies. Musk has been one of the very visible and prominent figures related to cryptocurrencies. Musk was pro-Trump so an alliance between the two is very likely.
However, there are a handful of factors that might possibly derail the momentum of cryptocurrencies. One of which are the ongoing geopolitical tensions and the possibility of more geopolitical tensions. Russia and Ukraine are still at it and with Trump winning, odds are quite high for another round of economic tensions between USA and China.