Bitcoin continues to soar after Donald Trump’s election win last week and, as of 2:44 p.m. ET, was selling for $86,343 a coin — up nearly 15 percent in the last five days.
BTC was at $68,000 on Election Day.
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CNBC noted Monday that Trump has vowed to “quash the aggressive stance taken by the current leadership of the Securities and Exchange Commission against cryptocurrency firms and products it has deemed potentially harmful to investors.”
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There is also growing momentum that Donald Trump will build a bitcoin strategic reserve in the U.S.
Trump drew some concerns in July when he addressed a bitcoin conference in Nashville and did not promise to establish an official U.S. bitcoin strategic reserve.
“He’s made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world,” Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, told CNBC. “Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.”