By South China Morning Post | Created at 2024-11-15 08:56:36 | Updated at 2024-11-15 11:45:22
2 hours ago
A few days after Donald Trump won back the US presidency, the orders began to flood in for the small but powerful bitcoin mining boxes – specialised devices used to generate the cryptocurrency – sold by Thai entrepreneur Thana.
“When the bitcoin price surges, it’s not worth buying … it’s better to mine it,” said Thana, requesting anonymity given his client base.
Before the November 5 election, the price of a single bitcoin stood at around US $68,000. Since Trump’s win, it has risen to an all-time high of over US$93,000, before cooling on Friday morning to around US$88,000.
Trump, a former doubter of digital assets, underwent a crypto conversion during his campaign – a position seemingly influenced by donations by digital-asset firms.
He has pledged to turn the US into the global hub for the industry, saying the US needs a bitcoin stockpile. Some supporters suggest he could sell off Federal Reserve gold to gain a vast trove of the digital asset.
For Asia’s cryptocurrency exchanges, traders and miners, that Trump-stirred bounce has translated into 30-35 per cent gains on holdings.
