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The price of bitcoin hit a new record this morning ahead of Donald Trump’s inauguration.
The cryptocurrency jumped almost 7 percent to more than $108,000 per coin, surpassing the previous record.
The price of bitcoin has risen significantly since Trump’s election in November, surpassing the $100,000 barrier in early December, and has remained around that mark since then.
Now, investors have flocked to bitcoin just hours before Trump’s inauguration amid expectations that the new president will continue to champion the cryptocurrency.
Shooting: Bitcoin has surpassed its previous record today
Over the weekend, Trump and his wife Melania launched their own cryptocurrency ‘meme’ coins, suggesting his administration will remain bullish on cryptocurrencies.
Russ Mold, chief investment officer at AJ Bell, said: “As we wait for more information on how Trump plans to achieve his political goals, certain investors have focused on the here and now, and that is a world in which the new President adopts cryptocurrencies.
‘Bitcoin has gone crazy after Trump launched his own cryptocurrency on Friday. “It has cryptocurrency fans excited in hopes that digital currencies will go mainstream.”
Trump previously suggested he could create a strategic reserve of bitcoin in the US, telling CNBC: “We’re going to do something great with cryptocurrencies because we don’t want China or anyone else (not just China but others to adopt it) and we want to be the head of it.”
Trump’s plan could be to emulate the United States Strategic Petroleum Reserve in the form of bitcoin. The token has a maximum total supply of 21 million, of which 19.9 million already exist.
However, with a limited supply of coins, an American stockpile of Bitcoin could make it difficult for investors to trade.
Last year, Standard Chartered set a bitcoin price target of $200,000 by the end of 2025.
The bank said: ‘Given the potential for new institutional flows in 2025, we are comfortable with our end-2025 price level of around $200,000.
“A stronger-than-expected take-up by US retirement accounts/pension funds, global sovereign wealth funds or a potential US strategic reserve fund would make us even more optimistic.”
What will happen to the price of bitcoin in 2025? Experts predict if it will reach $200,000…
The price of Bitcoin has also risen in recent weeks as software company MicroStrategy bought the cryptocurrency and it is likely to become a component of the Nasdaq index. This would only drive up the price of Bitcoin even more.
MicroStrategy owns about 425,000 bitcoins, with a current value of about $45 billion, making it the largest corporate owner of the cryptocurrency and holder of about 2 percent of the token’s total market value.
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