He Bitcoin in particular and cryptocurrencies in general never cease to surprise. They are not assets with a real basis, there is no GDP of any country that supports them nor do they have a sufficiently established regulatory framework to protect the investor, nor do they have a practical use, but more and more people adopt them. This is how cryptocurrencies mark new record prices in its successive bullish cycles -always preceded by abrupt depressions-.
In the case of Bitcoin, which is the predominant issue in this universe, it concentrates practically 50% of the capitalization of cryptocurrencies (the stock market value of all Bitcoin is 1.78 trillion dollars). This Monday it was negotiated at a maximum of USD 93,000, to settle above USD 90,000. Starting on November 5, with the electoral consecration of Donald Trump as the next president of the United States, starting on January 20, 2025, rose 30% in just two weeks, a vertical growth that is taking the virtual currency to a forceful psychological barrier of USD 100,000 for the first time.
Bitcoin, the largest cryptocurrency, has been in an upward race since last November 5, following Trump’s victory in the US elections
In the last year, the rise in Bitcoin was exponential, 146%, while the result so far in 2024 is an impressive 105 percent.
He “Trump effect” on Bitcoin It is unavoidable. Analysts emphasize that the real estate magnate’s second term at the head of the White House comes hand in hand with a vision favoring cryptocurrencies. During his election campaign, Trump spoke out in favor of the use of these assets, which triggered a positive variation in their price.
Ezequiel Riva Rourean analyst at IOL (Invert Online), explained that “Donald Trump’s victory drove the cryptocurrency market up, this is explained because the president-elect has positioned himself in favor of these digital assets and his presidency. could lead to less regulation in the sector.”
“In addition, his political closeness with Elon Muskwho has been a vocal defender of cryptocurrencies on more than one occasion, has generated a lot of expectation within the crypto investment community, since an active participation of the businessman in the new government management could pave the way for a more favorable cycle for this type of risk assets,” added Riva Roure.
The Republican leader showed willing not to tax cryptocurrencies for tax purposes, but also maintained the idea of creating a federal fund based on digital currenciesthis as a first step in establishing to start generating reserves in Bitcoin.
“Is Bitcoin money and do you have to pay capital gains tax if you use it to buy a coffee? “I was talking to a friend and he said, ‘You really shouldn’t be taxed,’ and I agree,” Trump said during the campaign.
Different financial institutions and governments are working on using blockchain technology to issue, trade and settle traditional assets such as cash or bonds more quickly and efficiently.
“Donald Trump has shown himself pro-Bitcoinwe have to take that into account as the narrative part. “Trump is not a person who completely knows Bitcoin, but he is a business person, he is an investment person and he must know something about the impact that Bitcoin is having and that is why he took that narrative,” he told France24 the analyst Milton Rodriguez from Mexico City.
“It could be said that Bitcoin has a 40% chance of reaching $100,000 in value and a 60% chance of not reaching it. The reason for that 60% is because we need another catalyst, the effect of the elections has already passed,” explained the specialist.
Analysts to debate whether the cryptocurrency will show an upward behavior that allows it to overcome the USD 100,000 barrier before the end of the year
On the other hand, investors observed a step forward in the acceptance of cryptocurrencies after Goldman Sachs Group announced this Monday that it is in talks with possible partners to spin off its digital asset platform into a new company for large financial firms to create, negotiate and settle financial instruments through technology. blockchain.
The bank is in talks with a number of players as it continues to build platform capabilities and develop new business use cases, he said in an interview. Mathew McDermottglobal head of digital assets. Plans are initial but the goal is to complete the spinoff in 12 to 18 months, subject to regulatory approvals, McDermott said.
“The best thing for the market is to have something that is owned by the same industry,” he told Bloomberg. Goldman launched its Digital Asset Platform in 2022 as a way to issue traditional assets using blockchain technology. It has since been used in transactions such as a bond issue for the European Investment Bank.
In this aspect, the electronic trading platform Tradeweb Markets announced that it will work with Goldman to bring new commercial use cases to the digital asset platform, to become its first strategic partner.
