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Cryptocurrency spikes in aftermath of Trump election
Bitcoin surged to a record-high price on Wednesday and cryptocurrency expert Jordan Finneseth says Donald Trump's boisterous position on crypto could help facilitate its growth going forward.
PHOENIX - Cryptocurrency surged to a record high this week after it was announced former President Trump was heading back to the White House, which has many wondering what this means for the future of crypto here in the U.S.?
Bitcoin rose to a record $75,000 dollars on Wednesday.
The milestone surpassed the previous peak of 73,000 set back in March and boosted the prices of a number of other cryptocurrencies.
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While on the campaign trail, Trump embraced the currency, promising he would make America the world capital for crypto and Bitcoin.
Crypto expert Jordan Finneseth says Trump’s support for the currency gives it a bright outlook, however, there are other factors at play.
"Trump has been very boisterous about his his support for the industry and wanting to help facilitate growth. He understands that it's going to kind of be the future," said Finneseth.
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"I think we're all going to be in for a little bit of a wild ride in the next few years. Whether it's pushback on Trump's presidency from the left or escalating tensions in Israel or Iran or Russia, Ukraine and all these things.
Trump has been very boisterous about his his support for the industry and wanting to help facilitate growth. He understands that it's going to kind of be the future."
He also mentioned Bitcoin tends to rally every four years - coinciding with presidential elections - and will go up or down based on world events.