Bitcoin Hoarder Profits Billions as Deregulation Looms Under Trump
Bitcoin is on the rise, hitting record highs and projected by experts to surpass $100,000 per coin by the holiday season. This surge in value is especially good news for Michael Saylor, a big Bitcoin investor who claims to be making $500 million a day. Saylor is financing his purchases by borrowing money at essentially zero percent interest, thanks to issuing convertible bonds tied to his company, MicroStrategy Inc.
The stance on cryptocurrency regulation is evolving, with the incoming US president and his treasury secretary nominee both showing enthusiasm for Bitcoin. However, it’s worth noting that the outgoing chair of the US Securities and Exchange Commission, Gary Gensler, sounded the alarm on fraud and scams in the industry during his term. This warning was somewhat validated by the collapse of FTX crypto exchange last year.
As Gensler prepares to step down, Bitcoin prices have once again seen an uptick. With the evolving regulatory landscape and the growing mainstream acceptance of Bitcoin, it seems like holding onto this digital currency may present some lucrative opportunities in the days and months ahead.
