Cryptocurrency Bitcoin continued its rally after a pause earlier on Wednesday, reaching above $93,000 per unit for the first time ever, as traders assessed the residual impact of US President-elect Donald Trump’s strong talk about supporting digital currencies on the market.
Bloomberg News Agency indicated that the most famous and largest cryptocurrency in terms of market value globally rose by more than 35 percent following Trump’s election on October 5, with Bitcoin reaching $93,462 per unit, before losing some of its gains after that, which makes achieving the imaginary expectations of the price reaching $100,000 within reach.
Trump has pledged to set new rules for cryptocurrencies after his Republican Party took control of Congress.
Trump's other pledges included creating a US strategic reserve of Bitcoin and supporting cryptocurrency mining activity in the US with the aim of making the US the cryptocurrency capital of the world.
Trump was once skeptical of cryptocurrencies, but his stance changed following the large financial contributions of cryptocurrency companies to support his election campaign.
Michael Novogratz, founder of cryptocurrency exchange Galaxy Digital, says bitcoin could hit $500,000 if the administration of the US president-elect decides to create a strategic reserve of cryptocurrencies for the United States.
It is noteworthy that the price of Bitcoin has risen by more than 110 percent since the beginning of this year, supported by strong demand for cryptocurrencies since the United States allowed the launch of cryptocurrency investment funds that can be traded on the stock exchange.
