Bitcoin Hoarder Profits Billions with Potential Deregulation under Trump
Bitcoin is currently on an exciting ride, reaching record highs in trading, with experts predicting it may surpass $100,000 per coin by Christmas. The upcoming US administration, particularly President-elect Trump and his pick for treasury secretary, Scott Bessent, seem to favor the cryptocurrency.
Michael Saylor, a prominent figure in the Bitcoin world, has shared that he’s been profiting significantly by borrowing money to invest in Bitcoin. Saylor claims he’s earning around $500 million daily through this strategy, leveraging convertible bonds to fund his purchases through MicroStrategy Inc. If the company’s stock hits a certain level, bondholders can convert their bonds into equity.
However, it’s vital to remember that the former chair of the US Securities and Exchange Commission, Gary Gensler, raised concerns about fraud and misuse in the sector during his tenure, a sentiment further reinforced by the collapse of the FTX crypto exchange last year.
Gensler’s recent announcement of his resignation before Trump’s inauguration led to another surge in Bitcoin’s value, indicating potential shifts in the regulatory landscape. As the crypto world continues to evolve, staying informed and cautious is key to navigating this financial frontier.
