Will Trump be crypto's most powerful supporter?
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Crypto may have just got one of its most powerful backers in the newly appointed president. On the day of Donald Trump's inauguration, the price of Bitcoin hit an all-time high of more than $109,000, as investors waited to see how he would boost the industry - although they were left disappointed when he did not mention it at all.
President Trump and his first lady Melania also just launched their own cryptocurrencies, $TRUMP and $MELANIA, signalling their enthusiasm. At one point on Monday, the $TRUMP currency made up 90% of the president's net worth, according to Axios, although the coin's value has now plummeted.
His first day in office may have left the industry wanting but Mr Trump's zeal for crypto will help boost its value long-term, Jon Ostler, chief executive of financial market site Finder, told Sky News. "[Crypto] is like Father Christmas, the more people that believe in it, the stronger it is," said Mr Ostler.
As well as his enthusiasm, the new president could offer much-needed clarity. Melania Trump launches her own cryptocurrency amid all-time high for Bitcoin. Bitcoin hits $100,000 as Trump picks cryptocurrency fan to head financial watchdog. Computer scientist who falsely claimed he was Bitcoin creator 'Satoshi Nakamoto' referred to CPS.
A lot of governments, including the US, do not have clear guidelines on crypto, even down to defining what it is. 👉 Follow Trump 100 on your podcast app 👈. Many hope President Trump will bring in legislation that will add clarity and give the industry some universal guidelines on what they can and cannot do.
