Bitcoin trades at a record high following Trump’s US election win
Cryptocurrencies now the value of which has been surging since Donald Trump won the US presidential election last week Bitcoin the world’s biggest has now broken into new territory it is heading towards $90,000 a token uh it’s since paired back a bit now it’s trading around $87,000 uh Traders are looking forward to a new crypto-friendly Administration and the potential for new regulations well let’s speak to the independent cryptocurrency consultant and the author of The crypto Trader that’s Glenn
Goodman thanks for joining us today Glenn join the dots for us what is it that crypto investors see in Donald Trump as someone who’s going to unlock the value of cryptocurrencies basically Donald Trump has promised to make all the crypto Industries dreams come true uh it’s very disorienting actually for those of us who’ve been involved in the crypto industry for a while because we faced hostile administrations even Trump’s previous administration because we mustn’t forget Trump used to hate Crypto.
He said it was a scam and then he started selling some NFT’s digital images of himself dressed as a superhero and things like this and he made millions of dollars and lo and beheld suddenly crypto’s wonderful after all he decided. He even launched his cryptocurrency this year and he declared that he wants to make America the crypto capital of the world well someone who doesn’t want to make America the crypto capital of the world is Gary G the current chair of the Securities and Exchange Commission.
He is someone Donald Trump talked about firing up a few months ago I spoke to him for our Talking Business program and you know he drew a parallel between what’s happening now with crypto bitcoin and the circumstances that led to the big stock market crash of the 1920s and the Great Depression that followed what do you make of that comparison is it a bit dramatic or on the button from your perspective I, to be honest, I don’t think it’s that dramatic a comparison because there are a huge number of scams around in the world of cryptocurrency.
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The problem is that Gary Gendler has been excellent at diagnosing the problems but not so great with the solutions as we saw for example with his failure to stop the FTX Scandal where Sam Bankman was freed committed massive fraud and went to prison um the one thing I’d say that has pushed crypto prices up more than anything else is Donald Trump’s promise at a cryptocurrency conference earlier this year to fire Gary gentler on the day.
one he got a standing ovation for that announcement and he said wow I didn’t know he was so unpopular I’ll say it again I’m going to fire Gary Gendler on day one so we’ll have to see if that indeed um happens you know one of the things Gary Gensler has said is that there is regulation out there uh already and that crypto should follow the same rules as all other types of uh Investments it’s the crypto companies themselves that don’t want that um you know as somebody.
Who follows this issue closely what do you think should happen to crypto should it follow existing regulations or should it get its own bespoke set of regulations yeah my personal view is that Gary Gendler has always been wrong on this and that’s why the standing ovation happened really because he has always told people in the crypto industry that these 100y old Securities regulations are perfectly fine for governing crypto but there’s a huge amount of uncertainty at all times,
About what counts as security what doesn’t count it’s it’s been confusing for people in the industry and all they ever wanted a lot of them say is regulatory Clarity so I think that bringing someone new on board As Trump plans to uh someone who is even not that favorable to crypto wouldn’t necessarily be a bad thing as long as they brought in some bespoke regulations that work specifically for crypto rather than just blanketly covering all financial securities okay Glen Goodman uh independent crypto consultant thank you for that analysis.
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