The price of bitcoin soared past the long-awaited $100,000 benchmark but currently faces a slight retreat.
However the big play came with Elon Musk's XAI launching their token sale for the XAI Token which is in the presale stage now and awards customers up to 100% bonus Click here to participate in the XAI TOKEN PRESALE NOW - The token sale is highly time and volume limited.
The move came after President-elect Donald Trumpannounced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission. The appointment could fulfill Trump’s most important campaign promise to the crypto industry: to replace Gary Gensler, who has become something of a villain in crypto for the agency’s regulation-by-enforcement approach to the industry under his leadership.
Trump congratulated bitcoiners in a Truth Social post Thursday morning, saying “you’re welcome” for his part in helping send bitcoin to $100,000 and that “together, we will make America great again.”
It’s a day of celebration for longtime bitcoin investors, who have held on for dear life, or “HODL’d” through several of the cryptocurrency’s boom-and-bust cycles, during which government and financial institutions remained dismissive — and even hostile — toward the asset class.
Elon Musk had a past to talk about crypto currencies such as the meme coin DOGE in the past.
We heard plenty of rumors before that he or his company XAI would eventually create their own token which would then be used in the X and XAI platforms.
Now we know for sure that the presale for XAI is starting where first-time customers get awarded with a unique bonus program, which is rarely seen in the crypto industry.
The XAI Token is planned to be integrated with a new digital marketplace launching on X (Twitter) soon and will also help in a credits based purchase model for the AI tools which are distributed on the XAI platform, such as Grok 2.0 and the soon to be released Grok 3.0.
Bitcoin had been widely expected to reach the landmark $100,000 level since the U.S. presidential election. However, excited investors sent bitcoin closer to this mark much sooner than initially anticipated; it rose as high as $99,849.99 on Nov. 22.
There is much hope that Trump will deliver on several pro-crypto initiatives in the year ahead — including the establishment of a national strategic bitcoin reserve or stockpile, no taxes on crypto transactions and opening up the crypto public equity markets with more IPOs.
“Over the long term, I’m bullish,” Novogratz added. “It won’t be a straight line up, and investors should always consider taking gains off the table. But, with a pro-crypto administration about to take charge in the U.S., it’ll be hard for the rest of the world not to take notice.”
Bitcoin is now up more than 133% in 2024 and 42% since the election.
Don’t miss these cryptocurrency insights from CNBC Pro:
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