As Republican presidential candidate and former President Donald Trump’s approval rating rose ahead of the U.S. presidential election on the 5th of next month, the price of Bitcoin, the representative virtual currency, exceeded $71,000 (about 958.5 million won) on the 29th (local time). . The stock price of Trump Media & Technology (DJT), candidate Trump’s company listed on the Nasdaq market, also broke an all-time high as of the closing price on the 28th. During the presidential election, candidate Trump said, “If I return to power, I will turn the United States into a cryptocurrency capital and Bitcoin superpower.”
According to virtual currency exchange Coinbase, the price of Bitcoin exceeded $71,000 at one point on the 29th and rose to $71,313. It has been about four months since June of this year that Bitcoin exceeded $71,000. Bloomberg News reported that regardless of the winner of the presidential election, there are predictions that the price of Bitcoin will reach $80,000 at the end of next month.
On this day, other virtual currencies such as Ethereum and Dogecoin, favored by Tesla CEO Elon Musk, all showed an upward trend. CEO Musk is actively supporting candidate Trump.
In the market, against the background of the rise in virtual currency prices, △ the approval rating of virtual currency-friendly candidate Trump is on the rise, △ $3.3 billion of funds flowed into the spot Bitcoin exchange-traded fund (ETF) this month alone, △ easing tensions in the Middle East, etc. is picking.
Candidate Trump claimed to be a supporter of virtual currency during this presidential election, meeting with Bitcoin miners and participating in conferences held by the virtual currency industry. During the presidential administration (February 2017 to February 2021), “Bitcoin just looks like a scam. This is in contrast to the statement that “it must be regulated.” The New York Times reported that through this change in attitude, he received millions of dollars in campaign funds donated by the cryptocurrency industry.
Meanwhile, in the Nasdaq market on the 28th, DJT, the parent company of Truth Social, a social media platform created by candidate Trump, closed at $47.36, up 21.59% from the previous day. DJT stock prices fell significantly immediately after the 10th of last month, when candidate Trump lost by decision in a TV debate with Democratic presidential candidate and Vice President Kamala Harris. Afterwards, along with the rise in candidate Trump’s approval rating, stock prices also began to recover. The current stock price has soared 240% from its low point.
New York = Correspondent Lim Woo-sun [email protected]
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