Capital Economy, Business and Finance
As long as it doesn't crash in the next few days, this is a good time to hold Bitcoin. It's trading at record highs and expected to pass $100,000 per coin by Christmas.
The incoming US president is an enthusiast and so is his nominee for treasury secretary, Scott Bessent. Michael Saylor, a Bitcoin hoarder, says he's making $500 million a day by borrowing to buy it – at an effective rate of zero per cent by issuing convertible bonds which holders can turn into equity in his company, MicroStrategy Inc, when its stock price reaches a predetermined level.
Worth noting: the outgoing chair of the US Securities and Exchange Commission, Gary Gensler, saw "fraud, scams and abuse" throughout the sector when he took the job three years ago, and was at least partly vindicated by the collapse of Sam Bankman-Fried's FTX crypto exchange last year.
When Gensler said last week he'd be resigning before Trump took office, Bitcoin rose again.
