Bitcoin has surpassed $100,000 for the first time, reaching a new high amid a euphoric surge triggered by President Donald Trump’s election win.
The largest and most valuable cryptocurrency in the world, known for its market volatility, has been on the rise in recent weeks due to expectations of a new era of deregulation and supportive policies under the incoming administration.
On Wednesday, it hit a record high of $103,619, marking a 45% increase since Election Day. Other cryptocurrencies are also experiencing similar gains.
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said Mike Novogratz, founder and CEO of Galaxy Digital, a US cryptocurrency company.
“This momentum is driven by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path,” he added.
President Trump has nominated crypto lobbyist Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a more favorable stance towards cryptocurrencies.
“Congratulations Bitcoiners!!! $100,000!!! You’re welcome!!! Together we will make America great again!” President Trump tweeted on his social media platform, Truth Social.
Reaching a six-digit price is a significant milestone for Bitcoin, which was created in 2008 and remains shrouded in mystery surrounding its creator Satoshi Nakamoto.
Supporters see Bitcoin and the broader crypto space as the future of finance, although its volatile valuation and slow adoption for everyday transactions raise concerns.
“Bitcoin surpassing $100,000 signifies changing trends in finance, technology, and geopolitics,” said crypto analyst Justin Danesan based in Hong Kong.
“People who were once considered fantasy now exist in reality,” he added.
Trump, who once called Bitcoin a “scam,” has shifted his stance to a more supportive position, touting it as a symbol of free trade and innovation.
Atkins, the former SEC commissioner and crypto advocate, is seen as bringing a fresh perspective to digital asset regulation in the US.
“Atkins’ familiarity with the digital asset ecosystem can lead to new opportunities for US cryptocurrency innovation,” said Kristin Smith, CEO of the Blockchain Association.
Cryptocurrency stocks are on the rise alongside Bitcoin prices, with companies like MicroStrategy heavily investing in Bitcoin.
Trump has also announced his own virtual currency venture, World Liberty Financial, showing growing support for cryptocurrencies.
Bitcoin has reached record highs amidst speculation on Donald Trump’s victory in the US presidential election, with many viewing him as a candidate supportive of cryptocurrencies.
The digital currency hit $75,005.08 on Wednesday morning, surpassing its previous peak of $73,797.98 achieved in March.
“Bitcoin’s price seems to be closely tied to President Trump’s standing in the polls and betting markets,” commented AJ Bell analyst Russ Mould ahead of the U.S. presidential election.
Investors believe that a Republican win could lead to increased demand for digital currencies,” he added.
Although Trump previously criticized cryptocurrencies as scams during his tenure, he has since shifted his position and even introduced his own platform for the currency.
Nigel Green from DeVere also stated before the election that “President Trump’s victory could propel the world’s first and largest cryptocurrency to new heights.”
Green added, “If re-elected, there would likely be a focus on deregulation, tax breaks, and economic policies favoring investments like Bitcoin.”
President Trump has vowed to make the United States the “Bitcoin and cryptocurrency capital of the world” and appoint Elon Musk to oversee a comprehensive audit of government spending.
Trump’s corporate tax cuts during his previous term boosted market liquidity and encouraged investment in high-growth assets such as cryptocurrencies.
In September, Trump announced the launch of a digital currency platform named World Liberty Financial with his son and other entrepreneurs, although initial sales were sluggish.
World Liberty Financial provides a lending and borrowing service for cryptocurrencies, akin to platforms like Aave.
Since their inception, cryptocurrencies have made headlines for extreme volatility and the collapse of major industry players, notably the FTX exchange platform.
Leading up to the election, Trump made a purchase at a New York restaurant, touting it as a “historic transaction” and possibly becoming the first former president to use Bitcoin for a transaction.
“Who wants a hamburger?” Trump exclaimed to his followers in September, shortly after the platform’s launch.
Read more of the Guardian’s 2024 US election coverage
Vice presidential candidates Tim Walz and Rep. Alexandria Ocasio-Cortez announced on Sunday that they will be playing American football as part of their efforts to secure votes from young people, just nine days before the White House election. The game was streamed live on Twitch.
Ocasio-Cortez and Walz will compete in the latest Madden game series as Democrats aim to regain control of the House of Representatives, maintain a Senate majority, and challenge Donald Trump in the upcoming presidential election. They also emphasized the importance of Kamala Harris’s victory.
“While we may not all share the same beliefs, defeating Trump this year is our main priority,” said Ocasio-Cortez.
Ocasio-Cortez criticized President Trump as an authoritarian ruler and a facist supported by special interests who are exacerbating the ongoing climate crisis. She also condemned the billionaire owners of the Los Angeles Times and Washington Post for not allowing their editorial teams to endorse Harris over Trump.
During the broadcast, Ocasio-Cortez also called out comedian Tony Hinchcliffe for making derogatory comments about Puerto Rico at a Trump rally.
Ocasio-Cortez and Walz decided to play Madden together a few weeks ago, as Walz had previous experience with the game and had worked as a football coach.
Following a recent NBC news investigation, Democratic candidate Kamala Harris is leading Donald Trump among young male registered voters.
Despite their lead, Democrats have historically struggled with public opinion during past election cycles. The Trump campaign recently criticized the former president during a three-hour appearance on Joe Rogan’s podcast, which primarily attracts young male viewers.
Sunday’s event with Ocasio-Cortez followed her initial appearance on Twitch, which was one of the platform’s most-watched events at the time.
Harris’s campaign strategy also focuses on targeting young people, with ads on sports gambling platforms such as DraftKings and Yahoo Sports.
Apple has lost its high-profile 13 billion euro (11 billion pounds) Irish tax battle with the EU, but the ruling will bolster efforts by the European Commission to crack down on “preferential” tax regimes favoring multinational companies.
The long-awaited ruling from the European Court of Justice (ECJ) came after a years-long legal battle over whether the European Commission was right in 2016 to demand the return of 13 billion euros of “illegal” tax breaks given to Apple for giving the iPhone maker an unfair advantage.
ECJ (European Court of Justice) The verdict was given The Commission argued that a lower court ruling in favor of Apple should be overturned, upholding a 2016 European Commission decision that found Ireland had provided unlawful assistance to Apple in the tax treatment of profits from Apple’s activities outside the United States and that Ireland was required to recoup the money.
In 2020, a lower court, the General Court, annulled the 2016 European Commission decision, finding that it had not been sufficiently established that Apple’s subsidiaries enjoyed a selective advantage. That ruling has now been set aside by the European Court of Justice, which has confirmed the European Commission’s 2016 decision.
The ruling was a victory for EU Competition Commissioner Margrethe Vestager, who concluded: 2016 The iPhone maker benefited from billions of dollars worth of unfair tax breaks from the Irish government.
Vestager, who is due to step down this year, has been seen as a tough enforcer who has boldly taken on powerful multinationals such as Fiat, Amazon and Starbucks over their tax claims. But some of the cases have not stood the test of time, with a 2022 ruling against Fiat that was later overturned.
The case brings to an end a years-long legal battle that began in 2016 when the European Commission ordered Apple to pay billions of euros for significant underpayment of tax on profits from 2003 to 2014. Apple, which has had its European headquarters in Cork since 1980, was found by the EU’s competition watchdog to have benefited from a tax ruling by Irish authorities and to have paid an effective tax rate of 0.005 percent in 2014.
Apple has denied the accusations, saying the government aid money had not been paid, and CEO Tim Cook said: It is called The claim is “political nonsense.”
Apple challenged the Commission at the General Court, the EU’s second-highest court, and won. Conclusion In July 2020, Brussels ruled that Apple had failed to prove that it had obtained an illegal economic benefit in terms of tax in Ireland.
The Commission appealed, and last year the Advocate General of the European Court of Justice, Giovanni Pitruzzella, recommended that the Commission overturn the General Court’s earlier ruling. Advocate General Pitruzzella said the General Court had made an error of law and needed to carry out a new assessment. He recommended that the European Court of Justice remit the case back to the General Court for a new ruling on the substance of the case.
Pitruzella’s recommendation was not legally binding and did not have to be followed by the ECJ, but the attorney general’s opinion carries great weight and usually influences the court’s final decision.
Following the ECJ ruling, Apple said: “This case is not about how much tax we pay, but which government we owe tax to. We have always paid all taxes wherever we do business and have never had any special arrangements. Apple is a driver of growth and innovation in Europe and around the world, and we are proud to have consistently been one of the world’s largest taxpayers.”
“The European Commission is seeking to change the rules retroactively, ignoring the fact that our income is already subject to tax in the United States under international tax law. We are disappointed by today’s decision because the European Court of Justice previously reviewed the facts and invalidated this case in its entirety.”
Meanwhile, the ECJ It also ruled He upheld the 2.4 billion euro fine imposed by the European Commission against Google in an antitrust case. Whether Google falsely favored its online shopping service. In this case, the Attorney General said In January, the ECJ ruled that Google’s appeal should be dismissed.
Google said: “We are disappointed with the court’s decision, which concerns very specific facts. We made changes in 2017 to comply with the European Commission’s decision. Our approach has been successful for more than seven years, generating billions of clicks across over 800 comparison shopping services.”
Many young climate advocates believe Kamala Harris is stronger on environmental issues than Joe Biden.
The Biden administration’s Inflation Control Act was the largest climate change investment in U.S. history, but young environmentalists want even more.
They cited Harris’ record of prosecuting oil companies and her co-sponsorship of the Green New Deal as reasons to support her.
President Joe Biden may have passed the most significant climate change bill in U.S. history, but many young environmental activists say they believe Kamala Harris has a stronger case on the issue.
The heads of 11 groups dedicated to raising young voters’ concern about climate change said Harris’ track record going after big oil companies as a prosecutor and her co-sponsoring of the Green New Deal as a senator made her a more appealing candidate than Biden, despite her victories on environmental issues.
“She has a track record of holding big oil accountable in a way that we haven’t been able to do for the last four years,” said Al-Shainee Ajay, 26, executive director of the Sunrise Movement, which advocates for government intervention to combat climate change.
The Green New Deal Network is a coalition of 19 progressive environmental and social justice organizations, including the Sunrise Movement. I endorsed Harris this week. However, he has never previously voiced his support for Biden.
The Biden administration’s record on climate is relatively good. The biggest investment in climate change For the first time in U.S. history, we have allocated nearly $370 billion to environmental protection efforts; and Infrastructure Investment and Jobs Act These include investments in clean energy, electric vehicle infrastructure, public transport and strengthening climate resilience.
But several young environmental activists, ages 16 to 29, said those successes have been clouded by the expansion of the fossil fuel industry during Biden’s term.
“Frankly, I’m frustrated that this administration claims to be showing leadership on climate change yet approves so many fossil fuel projects,” said Keanu Arpels Josiah, 19, an organizer with Fridays for Future, an international youth-led climate change group started by Greta Thunberg.
The White House did not respond to a request for comment.
Vice President Harris visited Lake Mead in 2021 and delivered a speech there. Kent Nishimura/Los Angeles Times via Getty Images file
Dana Fisher, director of the Center for Environment, Community and Equity at American University, said it’s not that young voters are ignoring Biden’s climate change efforts, they just want to see more of them.
“Young people are aware of how serious the climate crisis is, and they know that this is not enough,” Fisher said.
She also said several young environmental activists told her in the spring that they were encouraging their members to refrain from voting in the presidential election altogether.
“I was like, ‘Are you kidding me? Don’t you remember what happened in 2000?'” Fischer said, referring to the slim margin that decided that year’s presidential election. “Of course they didn’t know, because if they were alive, they were in diapers. It’s very hard to take the long view when you’re young.”
Fischer said the young environmental activists she has spoken to seem more likely to vote since Biden dropped out of the race.
Harris’ younger supporters highlight the settlements she won as California’s attorney general. Chevron, BP and ConocoPhillips Regarding handling of hazardous materials.
“Biden is much more moderate in terms of his policy approach, but Kamala is not afraid to really get to the bottom of environmental and climate policy, especially against polluters,” said Iris Zhang, 20, a youth advisory board member at the Global Youth Storytelling and Research Lab, which engages young leaders in climate and environmental justice research.
Harris referenced that early work at several points during her campaign’s early days.
“As District Attorney, I created one of the first Environmental Justice Units in the nation to go after polluters,” she says. July 22 in WilmingtonThe Delaware native spoke about her time as district attorney in San Francisco, when “Donald Trump stood at Mar-a-Lago and told lobbyists for Big Oil that he would do what they said for $1 billion in campaign contributions.”
On September 15, 2020, then-Senator Kamala Harris met with Governor Gavin Newsom and Cal Fire officials to assess the damage caused by the Pine Ridge Creek Fire in California. Carlos Avila Gonzalez/San Francisco Chronicle via Getty Images file
Harris’s California background also appears to be resonating with young environmentalists.
Zanagie Artis, 24, co-founder of the climate justice group Zero Hour, said that because California regularly experiences the effects of the climate crisis, including droughts, heat waves and wildfires, “there is a lot of value in empathizing with young people who are fighting so hard for climate justice.”
Young activists pointed to Harris’ climate change policies. 2020 Presidential ElectionAt the time, she pledged to invest $10 trillion over 10 years in climate change efforts, and set a goal of transitioning to a 100% clean energy economy by 2045.
“We want her to be able to set the standard and not just follow the Biden administration’s lead,” said Natalie Bookout, who turned 18 in October and leads the Sunrise Movement chapter in Charlotte, North Carolina.
Sunrise Movement protesters gathered near VP Harris’ Brentwood home on April 14, demanding that she urge President Biden to declare a climate emergency. Robert Gautier/Los Angeles Times via Getty Images file
Heather Hargreaves, executive director of campaigns at Climate Power, a communications organization focused on electing climate change leaders, said that among young people, “there may just be a knowledge gap about what President Biden has done over the last three years.”
A Harris campaign spokesman said she plans to strengthen climate change efforts in the Inflation Control Act, but declined to answer a question about whether she has more support than Biden among younger environmentalists.
The spokesperson also said Harris Said in 2019 If elected president, she would ban fracking.I no longer support such bans.
“She doesn’t want to alienate people from fossil fuel states,” Fischer said. “She’s not going to be as progressive as she was in California. But will she be more progressive than Biden? I expect she will.”
Vice President Kamala Harris looks out at the Hyperwall during a discussion on climate change at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, on November 5, 2021. Olivier D’Uglier/AFP via Getty Images file
Harris represents dozens of environmental groups and more than 350 www.nbcnews.com
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