68,500 euros. As we write these lines, the price of Bitcoin has literally soared since Tuesday, November 5. We don’t have to look far for the reasons for this euphoria: the probable victory of Donald Trump in the presidential election strengthens the confidence of players in the sector and the general public.
Donald Trump, the late friend of cryptocurrencies
However, everything started badly. During his previous term, the Republican was quite cautious regarding cryptocurrencies. He even claimed that Bitcoin was “a scam”. But he eventually changed his mind when cryptocurrency companies started donating heavily to support his election campaign.
A group of super PACs that champion pro-industry candidates have spent more than $100 million trying to influence congressional elections across the country. This has borne fruit: the Senate will have a Republican majority and the House of Representatives could also switch to the conservative camp, even if it is tighter.
In any case, Donald Trump recently promised to make the United States “the world capital of cryptocurrencies”. Experts take him at his word and anticipate juicy gains. Quoted by the New York Timesthe investment management and research company Bernstein predicted that Bitcoin could reach $80,000 or $90,000 if the billionaire wins. On the contrary, she estimated that a success for Kamala Harris would have brought it down to $50,000.
Donald Trump’s crypto project relaunched?
This triumph of Donald Trump could also benefit his own crypto company, World Liberty Financial (WLF), launched very recently. Moreover, the decentralized financial platform has warned that it “would leverage Trump’s global reach and brand recognition” and raised $14.7 million by selling tokens that offer buyers no stake and cannot be traded, reports Financial Times.
After a turbulent start, mixed success, and technical bugs, this project could therefore bounce back. But nothing is less certain and we have also realized in recent years that we must be extremely cautious in forecasts concerning cryptos. To find out more about WLF, we invite you to consult our previous article which reviews the very delicate launch of this token.
