{"id":134330,"date":"2024-12-07T11:55:52","date_gmt":"2024-12-07T04:55:52","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=134330"},"modified":"2024-12-07T11:55:52","modified_gmt":"2024-12-07T04:55:52","slug":"why-bitcoin-hit-100k-vox","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=134330","title":{"rendered":"Why bitcoin hit $100k | Vox"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"zephr-anchor\">\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">The price of bitcoin surged past $100,000 for the first time on Thursday, continuing a post-election run buoyed by the pro-<a href=\"https:\/\/www.vox.com\/crypto\">crypto<\/a> promise of the incoming Trump administration. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">On Election Day, bitcoin \u2014 one of the most popular decentralized digital assets available \u2014 was worth $69,374, according to the cryptocurrency trading platform Coinbase. Within a month, it had spiked more than 44 percent. Other cryptocurrencies like ethereum and XRP also shot up during that period.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Cryptocurrencies\u2019 sudden increase in value is a sign of investor optimism about President-elect Donald Trump\u2019s policies and those of his picks to head several key regulatory agencies, some of whom have explicitly promised deregulation of the crypto industry. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">\u201cThat bitcoin hit the $100,000 mark reflects the expectation of both political support and regulatory latitude under the incoming administration,\u201d said <a href=\"https:\/\/www.libarts.colostate.edu\/people\/ramaa\/\">Ramaa Vasudevan<\/a>, an economics professor at Colorado State University who has been critical of crypto. \u201cThe nomination of crypto-enthusiasts for administrative posts is a clear signal of the embrace of bitcoin and crypto triggering the flood of money into these markets.\u201d <br \/>Bitcoin\u2019s rally is also a product of its increased legitimacy. Trump\u2019s election may have sparked its rally, but the financial establishment\u2019s embrace of the asset in recent months provided the tinder. While bitcoin was once a niche curiosity, it is now a mainstream digital currency that everyday Americans can now buy through reputable retail investment accounts. Even if bitcoin ultimately turns out to be a bubble, as <a href=\"https:\/\/www.miamiherald.com\/news\/local\/news-columns-blogs\/andres-oppenheimer\/article295793799.html\">many economists have argued<\/a> it may, these investment vehicles have assured it some staying power.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p><h2 class=\"duet--article--dangerously-set-cms-markup\"><strong>The policies of the incoming Trump administration are fueling optimism<\/strong><\/h2>\n<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Trump has been an ardent cryptocurrency supporter throughout his most recent presidential campaign, and his choices to lead key government agencies related to its regulation reflect that enthusiasm. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Bitcoin hit its highest valuation ever following the nomination of <a href=\"https:\/\/www.axios.com\/2024\/12\/04\/paul-atkins-trump-sec-crypto\">Paul Atkins<\/a> on Wednesday to head the Securities and Exchange Commission (SEC), which is in charge of <a href=\"https:\/\/www.investopedia.com\/terms\/s\/security.asp\">regulating tradable securities like stocks<\/a>. Atkins was previously an SEC commissioner for six years during former President George W. Bush\u2019s administration.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Atkins is \u201cnot necessarily the sort of burn-it-all-down type of nominee that Trump has decided upon for other positions,\u201d Molly White, a cryptocurrency researcher and critic, told Vox. \u201cHe\u2019s fairly establishment; he has the SEC background, but he also was a very strong advocate for deregulation when he was in the SEC and certainly since then.\u201d Atkins is also a co-chair of the <a href=\"https:\/\/digitalchamber.org\/priorities\/digital-tokens\/\">Chamber of Digital Commerce\u2019s Token Alliance<\/a>, an industry lobbying group that advocates for lax regulation of cryptocurrencies.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\"><a href=\"https:\/\/www.coindesk.com\/policy\/2024\/12\/04\/trump-considers-pro-crypto-perianne-boring-caroline-pham-as-possible-cftc-chairs\">Perianne Boring<\/a>, the CEO of the Chamber of Digital Commerce, is rumored to be one of Trump\u2019s top picks for another key position: head of the Commodity Futures Trading Commission (CFTC), which makes rules around the trading of futures and commodities. Currently, cryptocurrency is under the purview of the SEC, but the Trump administration is <a href=\"https:\/\/www.foxbusiness.com\/markets\/trump-admin-eyes-cftc-lead-digital-asset-regulation\">reportedly weighing<\/a> regulating it as a commodity instead. If that change is made, cryptocurrency would come under the purview of the CFTC, which is often seen to be more hands-off in its approach to regulation. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Billionaire crypto enthusiast David Sacks, whom Trump named Thursday <a href=\"https:\/\/www.reuters.com\/world\/us\/trump-appoints-former-paypal-coo-david-sacks-ai-crypto-czar-2024-12-06\/\">as his crypto and AI czar<\/a>, will be tasked with helping formulate crypto and AI policy from the White House. In that role, Trump said in a post on Truth Social, Sacks will work closely with both the SEC and CTFC to <a href=\"https:\/\/www.wired.com\/story\/crypto-industry-hails-david-sacks-czar\/\">develop a legal framework to regulate crypto.<\/a><\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Trump himself is also connected to cryptocurrency via his <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-29\/trump-s-crypto-project-was-a-bust-until-justin-sun-stepped-in?sref=qYiz2hd0\">family\u2019s cryptocurrency and trading venture World Liberty Financial<\/a>. Pro-cryptocurrency groups <a href=\"https:\/\/www.cnbc.com\/2024\/11\/05\/cryptos-245-million-campaign-finance-operation-funded-non-crypto-ads.html\">spent $245 million in this year\u2019s elections<\/a>, more than any other industry, to support candidates across the country seen as friendlier to crypto. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">All of that likely means that the regulatory landscape under a Trump administration will be much friendlier for crypto following heavier regulations and <a href=\"https:\/\/www.wsj.com\/finance\/regulation\/trump-crypto-us-war-0b91cc21\">a slew of lawsuits against crypto companies<\/a> during current SEC chair Gary Gensler\u2019s tenure. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">\u201cThe recent wave of investment in the crypto space is largely driven by the growing belief that years of regulatory uncertainty and lawfare may finally be giving way to clarity,\u201d said Christian Catalini, founder of the MIT Cryptoeconomics Lab.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Gensler\u2019s SEC cracked <a href=\"https:\/\/www.wsj.com\/finance\/regulation\/trump-crypto-us-war-0b91cc21\">down on trading platforms like Coinbase, Binance, and Kraken<\/a>, arguing that the buying and selling of cryptocurrency should have the same oversight as something like a stock or bond, and that investors should have access to the same kinds of information about crypto companies as they would have about a company that they are buying stock in. Crypto trading platforms and associated companies, however, argue that crypto tokens aren\u2019t the same as stocks and therefore shouldn\u2019t have the same regulations applied.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">The SEC has brought lawsuits against several major crypto platforms, including Coinbase, which are ongoing. But they could be dropped under the Trump administration, and regulation around bitcoin and other cryptocurrencies is likely to change significantly under Trump.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Under a Trump regulatory regime, cryptocurrency exchanges like Binance and Coinbase could operate with less threat of litigation, making it easier for people to trade on their platforms. Enthusiasts say this will spur innovation in the industry, but it could also mean that individual traders using such platforms are more exposed to fraud, theft, and the volatile nature of the currency.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p><h2 class=\"duet--article--dangerously-set-cms-markup\"><strong>Bitcoin has become an established digital asset<\/strong><\/h2>\n<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Over the past five years, and particularly following the downfall of crypto trading platform FTX in 2022, <a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2023\/html\/ecb.sp230623_1~80751450e6.en.html\">the narrative around cryptocurrency\u2019s utility<\/a> has changed. Now, it\u2019s being touted more as an investment instrument rather than a form of currency that can be used like cash, White said. And that pivot is also helping its valuation. <\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">In January, the SEC gave the green light to the <a href=\"https:\/\/www.cnbc.com\/2024\/01\/11\/heres-what-a-bitcoin-etf-actually-means-for-investors.html\">first bitcoin exchange-traded funds<\/a> (or ETFs) in the US. ETFs are baskets of financial instruments (such as <a href=\"https:\/\/www.vox.com\/stock-market\">stocks<\/a>, bonds, commodities, or in this case, cryptocurrencies like bitcoin or ethereum) that are bought and sold on a regulated stock exchange.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">ETFs offer anyone indirect access to cryptocurrency, if they choose to invest. Put simply, if the value of bitcoin increases, so does the value of these ETFs \u2014 but because of the bundled nature of ETFs and their presence on a regulated exchange, investors are more insulated from loss if bitcoin\u2019s value declines. Firms including BlackRock, Invesco, Fidelity, Grayscale, and Ark Invest have rolled out bitcoin funds, which offer new investors, especially those who might be more risk-averse, easy ways to purchase or gain exposure to cryptocurrency.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">Previously, investors had limited options for trading bitcoin. They could go on a cryptocurrency exchange to directly buy bitcoin, but then would have to figure out how to safely and conveniently store it long-term. (Cryptocurrency held on an exchange can be vulnerable to theft, <a href=\"https:\/\/www.investopedia.com\/terms\/c\/cold-storage.asp\">while crypto stored offline is safer but difficult to trade<\/a>.) They could also invest in <a href=\"https:\/\/www.cftc.gov\/LearnAndProtect\/AdvisoriesAndArticles\/BitcoinFuturesETF.html#:~:text=Bitcoin%20and%20bitcoin%20futures%20can,some%20point%20in%20the%20future.\">risky bitcoin futures<\/a>, agreeing to buy or sell the currency at a later date at a certain price. Now, ETFs offer an establishment-backed option.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">\u201cWhile no one can predict the exact inflection point or when the price will stabilize, the long-term driver of bitcoin\u2019s rise is its evolution \u2014 not just as digital gold, but as a foundational layer of global financial infrastructure,\u201d Catalini said.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">However, Vasudevan said that there is still reason to believe that crypto\u2019s climb won\u2019t last forever. Bitcoin has surged before, only to crash precipitously. In November 2022, bitcoin\u2019s value dropped 20 percent, to below $16,000, in a matter of days <a href=\"https:\/\/www.vox.com\/the-goods\/23458837\/sam-bankman-fried-ftx-sbf-downfall-explained\">after the spectacular downfall of the crypto exchange FTX<\/a>. The concern remains that the price of crypto is based purely on speculation, rather than any inherent value.<\/p>\n<\/div>\n<div class=\"duet--article--article-body-component\">\n<p class=\"duet--article--dangerously-set-cms-markup duet--article--standard-paragraph _1agbrixh lg8ac51 lg8ac50 xkp0cg0\">\u201cThis has all the makings of another bubble, one that is being stoked by the prospect of a more favorable regulatory environment and the possibilities it is opening for new products and funds that can draw in more and more people into these markets,\u201d Vasudevan said.<\/p>\n<\/div>\n<aside class=\"_1tzd3in0 _1agbrixx\">\n<p class=\"_1tzd3in1\">You\u2019ve read <!-- -->1<!-- --> article<!-- --> in the last month<\/p>\n<div class=\"_1tzd3in2\">\n<div class=\"_1tzd3in3\">\n<p class=\"_1tzd3in4\">Here at Vox, we&#8217;re unwavering in our commitment to covering the issues that matter most to you \u2014 threats to democracy, immigration, reproductive rights, the environment, and the rising polarization across this country.<\/p>\n<p class=\"_1tzd3in4\">Our mission is to provide clear, accessible journalism that empowers you to stay informed and engaged in shaping our world. By becoming a<!-- --> <!-- -->Vox Member, you directly strengthen our ability to deliver in-depth, independent reporting that drives meaningful change.<\/p>\n<p class=\"_1tzd3in4\">We rely on readers like you \u2014 join us.<\/p>\n<\/div>\n<div class=\"_1tzd3in5\"><img alt=\"Swati Sharma\" loading=\"lazy\" width=\"59\" height=\"69\" decoding=\"async\" data-nimg=\"1\" style=\"color:transparent\" srcset=\"\/_next\/image?url=%2Fstatic-assets%2Fheadshots%2Fswati.png&amp;w=64&amp;q=75 1x, \/_next\/image?url=%2Fstatic-assets%2Fheadshots%2Fswati.png&amp;w=128&amp;q=75 2x\" src=\"https:\/\/www.vox.com\/_next\/image?url=%2Fstatic-assets%2Fheadshots%2Fswati.png&amp;w=128&amp;q=75\"\/><\/p>\n<div class=\"_1tzd3in7\">\n<p class=\"_1tzd3in8\">Swati Sharma<\/p>\n<p class=\"_1tzd3in9\">Vox Editor-in-Chief<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.vox.com\/bitcoin\/390096\/bitcoin-crypto-etf-trump-ethereum-sec-ctf-david-sacks\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of bitcoin surged past $100,000 for the first time on Thursday, continuing a post-election run buoyed by the pro-crypto promise of the incoming Trump administration. On Election Day, &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=134330\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-134330","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/134330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=134330"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/134330\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=134330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=134330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=134330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}