Bitcoin hits record above $109,000 awaiting Trump

It came after he nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism the new president will deregulate the sector.

Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and was a major advocate of them during his election campaign.

READ ALSO:

• Just in: Otudeko’s lawyer protests in court over N12.3bn fraud charge
• NAHCON announces fare for 2025 hajj
• Trump coin loses $6bn after Melania launches hers

Over the weekend, he launched his own cryptocurrency, appropriately called $TRUMP, sparking feverish buying that sent its market capitalisation soaring to several billion dollars.

When bitcoin reached the landmark $100,000 level, Trump wrote on his Truth Social platform: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.

It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.

The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.