The price of bitcoin has reached a record high of over $80,000 (£62,000) for the first time ever, following Donald Trump’s victory in the US election. This surge comes as the Republicans are close to gaining control of Congress, in addition to holding the presidency and the Senate.
During his campaign, Trump promised to make the US a leading hub for cryptocurrencies, sparking optimism in the industry. As a result, the value of the world’s largest cryptocurrency has increased by more than 80% this year. Other digital currencies, such as dogecoin, have also seen gains, especially as Trump vowed to appoint crypto-friendly regulators and build a strategic bitcoin reserve.
The potential deregulation of the crypto sector by the Trump administration has created excitement among investors, with predictions of bitcoin prices potentially reaching $100,000. However, experts warn of possible downturns in the market along the way.
Trump’s overall agenda, which includes tax cuts and reducing business regulations, has also boosted various investments since his election win. With Republicans likely controlling both the legislative and executive branches, Trump’s policies can move forward more easily, impacting not only cryptocurrencies but also traditional markets like stocks, the dollar, and US bonds.
Vocabulary List:
- Cryptocurrency /ˌkrɪp.təʊˈkʌr.ən.si/ (noun): A digital or virtual currency that uses cryptography for security.
- Surge /sɜːrdʒ/ (verb): To increase suddenly and powerfully.
- Deregulation /ˌdiː.ˌrɛɡ.juˈleɪ.ʃən/ (noun): The removal or reduction of government rules controlling how businesses can operate.
- Optimism /ˈɒp.tɪ.mɪ.zəm/ (noun): Hopefulness and confidence about the future or the successful outcome of something.
- Potential /pəˈtɛn.ʃəl/ (adjective): Having the capacity to develop into something in the future.
- Impacting /ˈɪm.pækt.ɪŋ/ (verb): Having a strong effect on someone or something.
