donald trump Is sworn in as the 47th President of the United States. Virtual currency Bitcoin also seems to be celebrating Trump becoming President. Even before the oath ceremony, there was a spectacular rise in the price of Bitcoin. The price of Bitcoin had crossed $1.09 lakh on Monday morning, before Donald Trump took oath as the US President. This is a new all time record. In fact, the cryptocurrency industry hopes that Trump will take steps to promote digital currency immediately after returning to the White House.
Earlier Bitcoin was called a scam
Trump had described Bitcoin as ‘a scam’ a few years ago, but recently his changed stance has been seen. Trump has also launched a new cryptocurrency venture and promised to take steps early in his term to make the US the ‘crypto capital’ of the world. His promises include creating a US crypto repository, implementing industry-friendly regulation, and appointing a crypto ‘czar’ to lead his administration. Bitcoin is the world’s most popular virtual currency (cryptocurrency), which was created in the year 2009 as an electronic currency not controlled by banks or governments.
2 years ago the price was only $20,000
However, their use by criminals, scammers, and some countries has drawn a lot of criticism from cryptocurrencies due to their highly volatile nature. Bitcoin prices have increased significantly since Trump’s re-election as President. Last month it had reached above one lakh dollars for the first time. However, later it fell to around $90,000. Meanwhile, its prices intensified before Trump took oath as President on Friday. According to CoinDesk, the price of Bitcoin jumped by about five percent or $9,000 on Friday morning to reach $1.09 lakh. Two years ago the price of one bitcoin was around $20,000.
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