Bitcoin's price skyrocketed to an unprecedented $80,000, fueled by optimism about President-elect Donald Trump's friendly attitude towards cryptocurrencies and predictions of achieving results in Congress.
Bitcoin's price surged to a historic $80,000 thanks to Trump's support
Bitcoin's price surge reflects the increasing enthusiasm of investors as they foresee a favorable regulatory environment under Trump's leadership, although the cryptocurrency has slightly decreased after hitting its peak.
Trump's acceptance of digital assets has fueled speculation that Congress may become more friendly towards cryptocurrencies, attracting more investors into the market. The recent Bitcoin price surge highlights new demand for alternative assets in the context of an economy shifting under a new administration. Investors are lining up to take advantage of the environment as digital currencies may receive more institutional support.
Asia prepares for potential changes in U.S. trade policy
With Trump's victory, UBS has lowered its 2025 GDP growth forecast for China to approximately 4% from 4.5%. The adjusted outlook indicates slower growth, with analysts pointing out that increasing trade barriers and the ripple effects from Trump's policies are likely to spread further into the Asian economy.
From investors to governments, strategic adjustments are actively taking place across the Asia-Pacific region in preparation for changes in trade policy. South Korea, for example, has made preliminary moves to establish a consulting agency to prepare for the new U.S. administration's policy changes. Singapore's Prime Minister Lawrence Wong has also expressed concerns about the threat to regional economic stability from the possibility of increased trade tensions.
