Donald Trump Takes Credit for More than USD 1 Lakh Price of Bitcoin

The crypto market is bullish after Donald Trump’s victory in the presidential election in America last month. Bitcoin, the largest cryptocurrency in terms of market value, has created a new high by crossing the level of one lakh dollars on Thursday. The price of this most popular cryptocurrency has increased significantly since Trump’s victory.

When Bitcoin crossed one lakh dollars, Trump welcomed those investing in this cryptocurrency. Trump has congratulated those supporting Bitcoin in a post on his social media platform Truth. He wrote in this post, “Congratulations Bitcoiners. You are welcome. Together we will make America great again.” Trump had announced the appointment of Paul Atkins, considered a supporter of cryptocurrencies, as the next chairman of market regulator Securities and Exchange Commission (SEC). Atkins has also previously held the position of commissioner in the SEC.

The price of Bitcoin has doubled in the current year. Bitcoin has gained about 45 percent since Trump’s victory. Bitcoin made a new high of more than 1,03,000 on Thursday. Making policies for this segment may be on the agenda of the new Trump-led government that takes charge in the US early next year. The interest of institutional investors in this segment has also increased. Recently, software company MicroStrategy has purchased approximately 15,400 bitcoins for approximately $1.5 billion. This company already has a large holding of Bitcoin.

MicroStrategy holds approximately 4,02,100 Bitcoins. This is a little less than two percent of the total supply of 21 million tokens of this most popular cryptocurrency. Last week, MicroStrategy purchased approximately 15,400 bitcoins at an average price of $95,976. However, questions have also been raised regarding the company’s investment strategy in Bitcoin. MicroStrategy initially decided to invest in Bitcoin as a hedge against inflation. During the election campaign, Trump had indicated not to make strict regulations for cryptocurrencies. There are a large number of people investing in the crypto market in America. These investors are also expected to contribute to Trump’s victory.