{"id":101653,"date":"2024-12-09T23:52:42","date_gmt":"2024-12-09T21:52:42","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election"},"modified":"2024-12-10T01:56:38","modified_gmt":"2024-12-09T23:56:38","slug":"bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election","title":{"rendered":"Bitcoin breaches US$100K mark buoyed by Trump re-election"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE world\u2019s largest cryptocurrency by market capitalisation, Bitcoin, has breached the US$100 000 mark for the first time since its emergence in 2008, buoyed by former US President Donald Trump being re-elected.<\/p>\n

According to the leading cryptocurrency tracking website, Coin Market Cap, yesterday, one Bitcoin was trading for approximately US$102 830,67, spurring its overall market capitalisation to reach US$2,03 trillion.<\/p>\n

Consequently, the entire cryptocurrency market soared to a market capitalisation of US$3,69 trillion, making it more valuable than the world\u2019s largest company by valuation, American technology firm, Apple Incorporated, whose valuation stands at US$3,67 trillion.<\/p>\n

The re-election of Trump on November 5 has added US$1,43 trillion to cryptocurrency\u2019s overall market capitalisation.<\/p>\n

\u201cIt\u2019s official: BTC (Bitcoin) has crossed the US$100 000 mark, shattering expectations and cementing its place in financial history,\u201d the world\u2019s largest cryptocurrency exchange, Binance, said of Bitcoin\u2019s achievement in a statement yesterday.<\/p>\n

\u201cWhat started as an experiment in cryptographic wizardry built on a noble and idealistic intellectual foundation is now a six-figure phenomenon, rewriting the rules of money, trust, and innovation<\/p>\n

\u201cLove it or hate it, this milestone is a global event, the kind that future generations will read about in history books (or, more likely, on blockchain-verified e-readers).\u201d<\/p>\n

However, Binance said the road to US$100 000 was not a straight line.<\/p>\n

\u201cAfter hitting US$69 000 in 2021, Bitcoin faced brutal bear markets, macroeconomic uncertainty, industry scandals and regulatory crackdowns. Critics jeered, \u2018Tulip mania!\u2019 holders shrugged, \u2018Just another day in crypto\u2019,\u201d Binance added.<\/p>\n

\u201cThen came the great pivot: central banks printed trillions during economic crises, inflation soared, and people sought a hedge. Bitcoin, with its fixed supply of 21 million coins, looked increasingly like digital gold. Adoption skyrocketed. Price followed.<\/p>\n

\u201cThe prospect of a crypto-friendly US administration in the United States has amplified this already powerful momentum. Donald Trump\u2019s campaign-trail promises to transform the US into a global crypto hub and establish a US Strategic Bitcoin Reserve further bolstered investor confidence in Bitcoin. While crypto was bound to find its way into the mainstream, these political dynamics accelerated Bitcoin\u2019s ascent.\u201d<\/p>\n

Zimbabwean economist Stevenson Dlamini described Bitcoin as a better store of value.<\/p>\n

\u201cBitcoin is one of the best value preserving peer-to-peer payment method invented by mankind. It\u2019s value has been on average increasing surpassing USD$100 000,\u201d Dlamini said.<\/p>\n

\u201cZimbabwe is making efforts to create its own online cryptocurrency and the success, like all other blockchain technology, depends on the trust and confidence that the transacting public will have on it.<\/p>\n

\u201cThe history of banning cryptocurrencies will have a bearing on adoption, but just like all new technologies, there is almost always some resistance.\u201d<\/p>\n

Trump will assume office once again on January 20, 2025, for a four-year term.<\/p>\n

In Zimbabwe, the introduction of bond notes in November 2016 caused inflation to spike as it did not have adequate support systems, making consumers turn to Bitcoin trading the following year.<\/p>\n

As local Bitcoin trading grew, however, its decentralised nature inhibited the Reserve Bank of Zimbabwe\u2019s ability to control it, and thus on May 11, 2018, the central bank issued banned cryptocurrency.<\/p>\n

But this has not stopped locals from trading in cryptocurrency, with Zimbabwe boasting a booming market where people are making thousands of dollars monthly.<\/p>\n

Its growth and general acceptance globally have since led the authorities to have a rethink.<\/p>\n

In June this year, it was revealed that the Securities and Exchange Commission of Zimbabwe and RBZ were working on a framework to allow for the trading of virtual assets.<\/p>\n

This comes as the failure of the Zimbabwe dollar, RTGS dollar, bond notes and coins nearly forced the central bank to consider full cryptocurrency adoption before deciding on the Zimbabwe Gold (ZiG) currency, introduced on April 5 this year.<\/p>\n

Local banks, however, revealed they were not yet equipped to fully adopt and facilitate cryptocurrency trading.<\/p>\n

For More News And Analysis About Zimbabwe<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE world\u2019s largest cryptocurrency by market capitalisation, Bitcoin, has breached the US$100 000 mark for the first time since its emergence in 2008, buoyed by former US President Donald Trump being re-elected. According to the leading cryptocurrency tracking website, Coin Market Cap, yesterday, one Bitcoin was trading for approximately US$102 830,67, spurring […]<\/p>\n","protected":false},"author":84,"featured_media":101652,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,9],"tags":[19],"class_list":{"0":"post-101653","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-miscellaneous","9":"tag-zimbabwe"},"yoast_head":"\nBitcoin breaches US$100K mark buoyed by Trump re-election - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE world\u2019s largest cryptocurrency by market capitalisation, Bitcoin, has breached the US$100 000 mark for the first tim ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin breaches US$100K mark buoyed by Trump re-election\" \/>\n<meta property=\"og:description\" content=\"THE world\u2019s largest cryptocurrency by market capitalisation, Bitcoin, has breached the US$100 000 mark for the first tim ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-09T21:52:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-09T23:56:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733775967.524414.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"531\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/bitcoin-breaches-us100k-mark-buoyed-by-trump-re-election\",\"name\":\"Bitcoin breaches US$100K mark buoyed by Trump re-election - 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