Bitcoin crosses the USD 100,000 mark and how it impacts Bhutan
The price of Bitcoin as of now has crossed the USD 100,000 mark and currently stands at USD 103,544.
The price of Bitcoin has been moving up since the election of Donald Trump as he was seen as a pro-crypto President.
Bitcoin hovered in the USD 90,000 plus territory for a while but what seems to have caused the big push is a combination of factors.
The first and biggest factor is that Trump has started delivering on his promise as the big bump in prices came after Trump named former Securities and Exchange Commission (SEC) Commissioner Paul Atkins to be the next Chairperson of the SEC.
Paul is a considered to be more crypto friendly, but more importantly this means that the current SEC Chairperson Gary Gensler who has been the biggest roadblock to crypto in USA with a very tough and suspicious regulatory approach will be replaced after Trump is sworn in.
The SEC is the regulatory that oversees and regulates the capital market of the US which includes stock market and all securities.
The other factor is that the S&P 500 and the Nasdaq saw fresh highs. Bitcoin prices are closely related to how the US stock markets do too.
A third factor as pointed out by CNBC is that the Federal Reserve Chairman of the USA Jerome Powell said Bitcoin is a competitor to gold and not the US dollar.
The benefit for Bhutan is obvious as higher Bitcoin prices will mean a higher valuation of its Bitcoins and especially as the country with the fourth largest holding of Bitcoin. The current value of Bhutan’s Bitcoin is USD 1.263 billion.
copied from: TheBhutanese
