As Bitcoin climbs, market buzzes over “Trump Pump” and cryptocurrency's true value
11/14/2024 05:39Bitcoin’s continued rally toward $100,000 reveals shifting public interest and powerful economic trends at play.
Bitcoin continued its upward trajectory this week, nearing the $100,000 mark and prompting speculation about the forces behind this rally.
Co-Host of Altcoin Daily, Austin Arnold, sat down with Brian Harrington, Senior Marketing Manager at Fold, to delve into what's driving this unprecedented surge.
"Bitcoin is better than fiat money," Brian Harrington asserted, emphasizing that this fundamental truth has been propelling the cryptocurrency's growth for 16 years. "More and more people are realizing that every single day, and that's what's driving the rally," he added.
Austin Arnold probed deeper, questioning recent developments that might have influenced the market. He referenced President-elect Donald Trump's pledge for a strategic bitcoin stockpile and asked whether this could be contributing to the so-called "Trump pump." Harrington acknowledged the impact but was cautious about attributing the rally solely to Trump.
Harrington contrasted Trump's public use of an open-source currency with the Federal Reserve's private decision-making on interest rates. "Those two things, just being so separate from each other is so huge," he noted. The Fed, or course, publishes minutes from its meetings and comes to interest rate decisions by committee. Last week, Fed Chair Jay Powell said he would not let President Trump pressure him to step down.
While admitting that rising exchange rates can create a self-fulfilling prophecy, Harrington remained convinced that the rally is fundamentally grounded in bitcoin's utility as superior money. "It's all grounded in bitcoin being useful as money and better money than the leading closed-source monetary policy money — dollars," he concluded.