Newslex Point News in Uganda, Uganda news
Bitcoin has shattered its previous records, embarking on a remarkable rally post Donald Trump’s triumph in the November 5 election. Surging by over 50%, the cryptocurrency’s value soared to over $106,000 (£83,890) in the Asian trading session on Monday.
The incoming Trump administration signals a more favorable outlook towards cryptocurrencies compared to the Biden White House.
President-elect Trump has expressed interest in establishing a national reserve of digital currency akin to the country’s strategic oil reserve.
In a strategic move, Trump appointed David Sacks, a prominent figure in Silicon Valley and former PayPal executive, as his AI and cryptocurrency advisor. Sacks, a confidant of mega-donor Elon Musk, brings a wealth of experience to the table.
Regulatory shifts on the horizon
President Trump’s intention to nominate pro-cryptocurrency advocate Paul Atkins as the new head of the Securities and Exchange Commission (SEC) underscores his administration’s pro-digital currency stance.
This move follows the resignation of Gary Gensler, the current SEC chairman, effective on Trump’s inauguration day.
The impending transition at the SEC has not been without controversy, as Trump’s decision to replace Gensler, who had taken legal actions against cryptocurrency firms, sparked debates and discussions within financial circles.
Check also;
This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
