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FT News Briefing
Swamp Notes: America’s first ‘Bitcoin president’
Dec 7, 2024
Nikou Asgari, the FT’s digital markets correspondent, dives into the evolving relationship between Donald Trump and cryptocurrencies. Once deemed a 'scam' by Trump, Bitcoin now thrives under the possibility of a supportive presidency as it recently hit $100,000. The conversation centers on potential SEC shifts with crypto advocate Paul Atkins at the helm, contrasting current regulatory tensions. They also explore how a pro-crypto leader could reshape market dynamics, stirring excitement amidst institutional interest and political currents.
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Quick takeaways
- Donald Trump's nomination of Paul Atkins as SEC chair has sparked optimism in the crypto market, significantly boosting Bitcoin's value.
- The contrasting regulatory approaches between Trump's pro-crypto stance and Biden's enforcement-heavy policies highlight substantial implications for the industry.
Deep dives
Trump's Impact on Bitcoin Prices
The price of Bitcoin soared above $100,000 following Donald Trump's nomination of Paul Atkins as the new head of the SEC, a move welcomed by the crypto community. This significant jump in Bitcoin's value is attributed to a shift in regulatory sentiment, as Atkins has expressed support for the cryptocurrency industry, contrasting sharply with the previous SEC chair, Gary Gensler. Gensler was often viewed as antagonistic towards crypto, branding it as a 'Wild West' and implementing strict enforcement measures without clear regulations. The anticipated shift in leadership has injected optimism into the market, leading to the current Bitcoin boom.
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Discover
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