Bitcoin skyrockets above record $81,000 while Elon Musk warns of ‘financial emergency’
Crypto could be the future currency of the USA
Featured Image Credit: ANGELA WEISS/Contributor / NurPhoto/Contributor / Getty Images
While the world is divided by the recent American election, it looks like some people are about to earn big from Donald Trump's win.
Although it was predicted to be a close-run race, Donald Trump and the Republican Party defeated Kamala Harris and the Democrats in a landslide.
While hacker group Anonymous claims the numbers don't add up, it looks like Trump will be heading back to the White House in January 2025.
In the aftermath of the election, Trump is reportedly already $300 million richer, while Elon Musk's net worth has since surged past $300 billion.
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Bloomberg's Billionaires Index reports that the world’s 10 wealthiest people saw their net worth rise by nearly $64 billion since the election.
This marks the largest daily increase since the index began in 2012, but with the Top 10 being dominated by American tech giants, it's no surprise.
It's not just people who've seen their bank balance boom, with Tesla shares already rising by 30%.
Elsewhere, a Bitcoin boom is upon us, as it's risen above $81,000 for the first time ever. It comes as Musk has called on Trump to use the cryptocurrency as a way to stabilize America's 'unsustainable' debt growth.
Posting on X, Musk wrote: "Excess government spending is driving America into bankruptcy....This debt growth is unsustainable."
Bitcoin is now valued at $81,200, which is a 5% rise in just 24 hours. In 2024 alone, crypto has risen 65% from its January 23 low of $38,505. Crunching the numbers, Bitcoin's value has risen by more than 80% this year.
Trump has previously suggested using Bitcoin to 'pay off' the national debt in August: "Hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion."
As other cryptocurrencies continue to thrive, Trump has vowed to make America the 'crypto capital of the planet.'
When Trump is officially declared the 47th President of the United States, one his first moves promises to be sacking the current Securities and Exchange Commission (SEC) chairperson. Gary Gensler led the Biden administration's crusade against crypto.
Other currencies like dogecoin are also being promoted by Musk and have also continued to clime since the election.
Nigel Green, chief executive of deVere Group, said: "Many investors anticipate that a Trump victory will clear the path for mainstream adoption and regulation that is both favourable and necessary for bitcoin’s continued growth.
Green had already predicted that Bitcoin would rise above $80,000, and looking ahead, he concluded: "This pro-crypto narrative could pave the way for regulatory clarity, bolstering institutional investments that could send Bitcoin to unprecedented heights."
With Republicans poised to take control of both executive and legislative branches, it could enact its own legislation that makes Bitcoin and other crypto the currency of the future.