US President Donald Trump and his family have also been big promoters of cryptocurrencies and are involved in various crypto endeavours that have inflated his wealth.
Trump’s embrace of digital assets has reversed years of US government scepticism towards the crypto industry under his Democratic predecessor Joe Biden, with the US House of Representatives passing three landmark cryptocurrency bills in July.
These regulatory changes have seen the value of bitcoin soar.
“With many assets, including equities, gold and even collectables like Pokemon cards hitting all-time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” Joshua Lim, co-head of markets at crypto prime brokerage firm FalconX, was quoted by Bloomberg News as saying.
AFP
