Bitcoin Price Hits Record $89,000
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Loading... - Nicholas Keter
- 14 Nov 2024
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The price of Bitcoin has surged to a record $89,000, marking a significant increase of 122% from its January price of approximately $40,000. Although the price has experienced a slight drop, it remains above $85,000, reflecting a volatile yet bullish market sentiment.
This remarkable price surge is largely attributed to the recent election victory of US President Donald Trump. The upward trend began on election night when it became clear that Trump would secure a win. Trump has openly embraced cryptocurrencies, referring to himself as “the crypto president” and expressing his ambition to position the United States as the “crypto capital of the world.”
With Elon Musk, a prominent technologist and entrepreneur, acting as an unofficial advisor to Trump, there is a prevailing expectation that Musk’s favorable views on cryptocurrencies will influence the Trump administration's policies. This has led to optimism among crypto enthusiasts, who anticipate a more lenient regulatory environment compared to the previous Biden administration, which had taken a more cautious approach to cryptocurrency regulation.
The recent rise in Bitcoin's price has resulted in substantial gains for those holding the cryptocurrency. Some market experts speculate that Bitcoin could surpass the $100,000 mark in the coming months, although they caution that such predictions are inherently uncertain.
In Zimbabwe, cryptocurrency trading remains largely an underground activity due to a government ban on crypto trading through formal financial systems that was implemented in 2018. This ban led to significant losses for many local enthusiasts and traders, as exchanges froze the crypto assets held by users.
Despite the ban, many Zimbabweans continue to engage in cryptocurrency transactions in the shadows. Crypto is often used for activities such as forex trading online and is sought after by individuals who have fallen victim to online scams and ransomware attacks.
Typically, crypto traders in Zimbabwe acquire USD cash and then transfer the corresponding amount of cryptocurrency to the recipient, who uses it for online transactions. These traders usually source their Bitcoin from larger wholesale traders or directly from end users looking to exchange Bitcoin for USD cash.
Due to the underground nature of crypto trading in Zimbabwe, the exact size of the local cryptocurrency market remains unclear. However, the continued interest in and use of cryptocurrencies suggest that there is a significant, albeit hidden, demand for digital currencies in the country.
