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November 6, 2024
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Since the beginning of September, Bitcoin has gone through a growth phase that has seen an increase of almost 40% in the value of the cryptocurrency, going from $54,000 on September 8 to a maximum level of $75,353 on the morning of Wednesday November 6. This spike coincided with the first results that showed Trump as the winner in North Carolina, a key state to get an Electoral College majority.
According to the venture capitalist Jean-Marc Puel, it would be “simple to see this increase as a result of the hope placed in the election campaign of the candidate who promised up to 10% of the FED’s reserves (ie about $9 trillion) converted into crypto assets. “.
- The cryptocurrency market is now worth $2.5 trillion, about 10% of the US Treasury bond market capitalization ($27 trillion).
- This upward movement of cryptocurrencies seems to reflect the conversion of Donald Trump to the theses of the libertarian movement, embodied alongside him by figures such as JD Vance and Elon Musk.
- Peter Thiel is also one of the President-elect’s sources of inspiration.
While they are gradually becoming part of traditional markets – especially in terms of regulation – cryptocurrencies, due to their decentralization, “maintain a nature that seems to replicate the basic trends of Trump’s elections: cryptocurrencies stand out from their development outside the traditional financial decision-making centers (Texas, Miami, …)”.
- While there is no doubt about the future of the technology behind AI, it is worth remembering Peter Thiel’s quote expressed in Joe Rogan’s podcast: “Crypto is liberterian, AI is communist” (“Crypto is decentralizing, AI is centralizing. Or, if you want to frame it more ideologically, crypto is libertarian and AI is communist.).
- For Thiel, with whom JD Vance worked after graduation, AI is central. Given the resources necessary to develop it, AI will continue to go towards the giants in Silicon Valley or only those countries that will be able to satisfy the huge funding needs that are worrying the markets.
At the Bitcoin 2024 conference in Nashville last July, Trump promised that “persecution […] Your industry will be gone as soon as I’m in the Oval Office.” He added: “Let me repeat: I will fire Gary Gensler on day one. I will appoint a SEC (Securities and Exchange Commission) chairman who believes that America should build the future, not block it as they are doing.”
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Bitcoin Reaches New High Following Trump’s Election Victory
November 6, 2024
Since the beginning of September, Bitcoin has entered a growth phase, witnessing an increase of nearly 40% in value. The cryptocurrency surged from $54,000 on September 8 to a peak of $75,353 on the morning of November 6. This spike coincided with the initial results indicating Trump as the winner in North Carolina, a key state for securing an Electoral College majority.
According to venture capitalist Jean-Marc Puel, it is “easy to interpret this increase as a result of the hope surrounding the election campaign of a candidate who promised to convert up to 10% of the Federal Reserve’s reserves (approximately $9 trillion) into crypto assets.”
- The cryptocurrency market is now valued at $2.5 trillion, representing about 10% of the U.S. Treasury bond market capitalization of $27 trillion.
- This upward trend in cryptocurrencies seems to reflect Donald Trump’s newfound alignment with libertarian ideals, as supported by figures such as JD Vance and Elon Musk.
- Peter Thiel is also among the influential figures who inspire the President-elect.
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