Bloomberg Businessweek Bitcoin Soars Past $100,000 on Trump’s Pro-Crypto Pick for SEC Head
Dec 5, 2024
Lynlee Brown is a Partner at Ernst & Young, specializing in global trade, while Julie Smolyansky is the CEO of Lifeway Foods, renowned for its kefir products. They dive into Bitcoin's significant rise past $100,000, fueled by Trump's pro-crypto SEC head pick, and discuss the implications for regulation and market sentiment. Lynlee also touches on how proposed tariffs could impact U.S. automakers, and Julie shares insights on Lifeway's market leadership and rejection of a takeover offer, signaling a strong future for the brand.
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Bitcoin's Price Momentum
- Bitcoin's price surge attracts attention, driving further investment.
- This "number go up technology" fuels momentum, but its sustainability is questionable, says Zeke Faux.
Institutional Bitcoin Adoption
- Large asset managers' involvement creates a price floor for Bitcoin.
- Institutional adoption through ETFs and 401ks fuels enthusiasm.
Presidential Influence on Bitcoin
- Bitcoiners are excited by the president-elect's potential support for a strategic Bitcoin reserve.
- Trump's shift from calling Bitcoin a "scam" to promoting it fueled the Bitcoin mania, said Zeke Faux.
