Newscasts - Bitcoin's rise fueled by a 'rejection of elites’, analyst says

Bitcoin SE

05/12/2024 21:30

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Source: 'Reuters - Business videos'

Description: Bitcoin catapulted above $100,000 for the first time on Thursday,
a milestone that one analyst said was fueled by "this rejection of the
established values - and not just the values of society, but really of the
elites.” Lisa Bernhard has more.
Short Link: https://refini.tv/3OGhnEQ

Video Transcript:

Bitcoin catapulted above $100,000 for the first time ever on Thursday, a
milestone hailed even by skeptics of the digital asset. The historic surge
comes as investors bet on a crypto-friendly incoming US administration with
President-elect Donald Trump, a day earlier nominating pro-crypto attorney
Paul Atkins to run the Securities and Exchange Commission. The appointment of
Atkins, a former top SEC official who has advocated for deregulation, could
provide relief for a crypto industry that has chafed under President Joe
Biden's hard charging SEC chair, Gary Gensler. Dan Ives is Global Head of Tech
Research at Wedbush Securities.

Deregulation clearly is going to happen. A new SEC chair that looks like
pro-bitcoin, very bullish in terms of this. So, I think a big piece of what
we're seeing here is a Trump bump. But I don't think it stopped because I
think Trump can be pretty aggressive when it comes to bitcoin once he's in the
White House.

Bitcoin has more than doubled in value this year and is up more than 50% in
the four weeks since Trump's election victory which also saw a slew of
pro-crypto lawmakers elected to Congress. Analysts say the growing embrace of
Bitcoin by big investors this year has been a driving force behind the
record-breaking rally. But Mark Chandler, Chief Market Strategist at
Bannockburn Global Forex, sees Bitcoin's rise as part of a bigger social and
political movement.

The ground that we've been standing on is moving. And these shifting sands, in
this kind of turmoil, we don't know what's going to be the winners, what's
going to be the losers. And I think that this- and when you're rejecting, like
many of the elections, especially in the industrialized countries this year,
have rejected the incumbents. And so, I sort of see Bitcoin as part of this
rejection of the established values and not just the values of society, but
really of the elites.

The total value of the cryptocurrency market has almost doubled over the year
to hit a record of over $3.8 trillion surpassing the value of Apple, according
to data provider CoinGecko