Donald Trump Supports Bitcoin, Announces BTC’s Potential as a Traditional Currency
Today, March 11, in what comes as a remarkable event for Bitcoin after it broke the $72k barrier (New ATH), Donald Trump, a prominent American politician, took a positive stance on the world’s first digital currency and fueled tremendous momentum. . optimism among crypto market enthusiasts worldwide. In an interview with CNBC, Trump announced that he is allowing some payments to be made via Bitcoin nationwide, keeping in mind the growing adoption of digital currencies in the US economy.
This statement by the former president of the United States underlined the increasing popularity of Bitcoin since its inception in the crypto world. Along with several other notable events such as the successful launch of BTC ETFs and the recurring and upcoming BTC halving, Bitcoin continues to make Waves in the vast sea of crypto.
Trump Says Bitcoin Is a “Traditional Currency”
According to Trump’s statements in his interview with CNBC, the US economy has been extremely supportive of digital currencies. According to Trump’s statement, moving away from them after embracing them so tightly will cause the economy to take a hit.
Although Trump has stated that he has not purchased any amount of BTC to date, the 45th former president of the United States is confident that he will allow payments in BTC nationwide in line with the token’s popularity. In particular, Trump’s statement “If you think about it, Bitcoin is a type of traditional currency” attracted global attention. This has birthed a tidal wave of bullishness in BTC, in line with the upcoming halving and the recent scaling of the new ATH.
Interestingly, it also recalled a notable sneaker sale incident where people paid enormous amounts of money for their purchases via cryptocurrencies, underscoring the rapid adoption of digital assets in the United States.
Simultaneously, BTC continued to reflect the optimism consistent with Trump’s statements and exceeded 72 thousand dollars as of the moment the news was published.
Also Read: Bitcoin Registers Weekly Inflows of $2.6 Billion Amid Growing Wall Street Interest
Bitcoin Price Increases
As of writing, Bitcoin price has increased by 3.54% in the last 24 hours and is currently trading at $72,239. BTC continued to garner bullish sentiment in the crypto world, with an 80.28% increase in the token’s trading volume and a 3.57% increase in the token’s market cap.
Data from Coinglass indicates a 5.80% increase in the token’s open interest, while volume skyrocketed by 104.93%, contributing to the rise in BTC, indicating a bullish trend. The massive rise in the BTC OI weighted funding rate, which reached 0.0807% today, has further increased market optimism as investors show that they are ready to invest more in long positions.
As the upcoming halving weighs on even more, crypto market enthusiasts are expecting further gains in BTC, reflecting the optimism in line with Trump’s statements.
Also Read: Court Rejects Sam Altman’s Request to Lift Worldcoin Ban, Will WLD Price Drop?
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