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Stablecoins may offer more efficient means of conducting payments, reducing transaction costs, and enabling new business models. It can also coexist with future central bank digital currencies (CBDC) and create competition between the public and private sectors. As such, innovators argue that there is a broader opportunity to decentralize, democratize, and build a better internet.
Blockchain has shown some technical limitations and deficiencies. At the end of 2017, due to deteriorating transfer speed and growing transaction costs, many individuals turned to Bitcoin Cash, resulting in a fluctuation of the Bitcoin price. At the same time, faced with threats such as quantum computing – a new generation of machines that experts say could crack Bitcoin by 2027 – miners and the companies involved in blockchain technology are busy searching for solutions. A company called Hcash has used ring-signature cryptography to attempt to overcome the quantum risk, and is confident it can protect Bitcoins long-term.
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The bitcoin price has rocketed to over $73,000 per bitcoin, pushing up the wider ethereum, XRP XRP , solana, dogecoin and crypto market, amid speculation Wall Street giant BlackRock could be quietly eyeing a $90 trillion earthquake.
Shares of companies that provide trading platforms for Bitcoin and the technology to mine the cryptocurrency have surged in China, South Korea and Australia, and big computer chip-making firms such as SK Hynix also rose.
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The cryptocurrency has already risen in value by 62% this year, on top of a 300% rally in 2020, as investors search for alternative assets at a time when interest rates in many countries are at record lows.
Tesla eventually sold most of its bitcoin but continues to hold almost 10,000 bitcoin worth around $700 million and accept dogecoin for merchandise. Musk has also said SpaceX holds some bitcoin, ethereum and dogecoin and supports some crypto transactions.
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Bitcoin’s price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China’s far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing.
Ether and other cryptocurrencies, however, stand to gain much more from the crypto-friendly regulatory environment that Trump has promised and appears to be a priority for many in his inner circle. For example, one reason the spot bitcoin ETFs didn’t see as much success as bitcoin ETFs is because they don’t distribute staking rewards. Many in the industry are hopeful that will change next year.
Bitcoin was deemed a safe asset regardless of the outcome of the election — it is not considered a security, even by the Securities and Exchange Commission, and Trump has made big overtures about bitcoin like entertaining the idea of a strategic national bitcoin reserve and speaking about the need to keep all bitcoin mined in America.
“Crypto is poised to enter a golden era,” Alex Thorn, head of research at Galaxy Digital, said in a research note Friday. “Trump has promised to make America the ‘crypto capital of the world’ and his high level team is filled with strong crypto advocates … . The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.”
Prominent figures in the crypto space, Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz, have expressed optimism regarding the approval of a spot bitcoin ETF by the SEC. With several applications pending, the crypto community eagerly awaits a positive decision, which could further legitimize and boost the adoption of cryptocurrencies
The price of the flagship cryptocurrency was last higher by 4.5% at $79,800.19, according to Coin Metrics. Ether rose 3%, after passing the $3,000 level on Saturday. It last changed hands at $3,203.10.