Bitcoin surged following Donald Trump’s decisive victory in the US presidential election.with the price of Bitcoin poised to be a game changer.
The price of bitcoin moved closer to $100,000 per bitcoinskyrocketing as ‘Perfect Storm’ Pushes Combined Crypto Market Above $3 Trillion for the first time since 2021.
NOW, as Tesla billionaire and Trump adviser Elon Musk issues serious US ‘bankruptcy’ warninga senior Federal Reserve official suddenly toned down his criticism of bitcoin and crypto.
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Federal Reserve Chairman Jerome Powell Helped Boost Bitcoin Price This Year With Expectations … (+)
“I will have an open mind,” Minneapolis Federal Reserve President Neel Kashkari said. said Coin Office this week.
Kashkari has previously called bitcoin and cryptocurrencies more generally “worthless”, “fraudulent” and “nonsense” and in 2020 compared the crypto market to a “giant dumpster”.
However, despite promising to remain open to crypto, Kashkari asked: “other than as a speculative asset, what does it actually do in the real economy?”
The rise in Bitcoin’s price this year has been called a “devaluation” by JPMorgan analysts who predicted that the price of Bitcoin could continue to rise due to fears of a devaluation of the US dollar and inflation.
Tesla billionaire Elon Musk, named head of Doge’s Department of Government Efficiency under the new Trump administration, led a growing backlash against uncontrolled US government spending that exploded during Covid-era lockdowns.
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The price of bitcoin has exploded this year, climbing to $100,000 per bitcoin.
The softening of Kashkari’s stance towards bitcoin and crypto comes as US President-elect Trump has surrounded himself with strongly pro-bitcoin and crypto advisors, including Howard Lutnick, the Wall Street giant’s chief executive, Cantor Fitzgerald, who heads Trump’s transition team and is in the running to be his Treasury secretary.
Trump’s victory has propelled the price of bitcoin higher over the past week, with traders betting that his administration will lead to an easing of U.S. crypto regulations and a change in leadership at regulatory agencies that have disapproved of crypto markets.
Trump also launched a plan to create a US strategic reserve for Bitcoin – predicting that the price of Bitcoin could eventually eclipse gold – and the possibility of using Bitcoin to pay off the US debt of 35 trillion dollars.