Cryptocurrency gaining popularity nationally and in the Central Valley
Nov 13, 2024
FRESNO, Calif. (KSEE/KGPE) – Now that the election is over, investors are cashing in their votes for crypto, hoping Trump stacks up support for Bitcoin. Since Donald Trump claimed the presidency, Bitcoin has jumped more than 30% in value.
“Just in the last week, we've been getting lots of calls from people who are interested in it, or at least want to learn more about it," Financial Planner with Ford Financial Group Brian Ullmann said.
The crypto buzz has made its way to the Central Valley.
“The interest in cryptocurrency tends to skew a bit younger. But that doesn’t mean that folks in their forties and fifties and sixties aren’t invested in it," Ullmann said.
Since Donald Trump was announced as the 47th president of the United States, crypto markets have soared.
“Compared to his last term, he's kind of changed his stance on cryptocurrency generally and maybe even Bitcoin specifically," Ullmann said.
Bitcoin reached a record $93,000 value on Nov. 13. Since election night, Bitcoin has ballooned in value by an additional $20,000. Ullmann credits crypto's bullish market to Trump's pro-cryptocurrency stance.
“He said things like he wants to make the U.S. the crypto capital of the planet. He wants to establish a strategic Bitcoin reserve. And he's proposed, I guess, taking away some of the regulatory barriers that have come that have been designed to keep cryptocurrency in check to a degree," Ullmann said.
But, Ullmann's two cents on cryptocurrency is that it might not be for everyone.
“Cryptocurrency is some of the most speculative kind of investing a person can do," Ullmann said.
He said we have seen crypto rise and fall quickly.
“We're at the euphoric stage for cryptocurrency, it seems, and it's shot higher. It's going almost parabolic compared to where it was even just a week ago," Ullmann said.
However, with a second Trump presidency soon to begin, the crypto craze could continue.
“The prospects of the federal government investing in Bitcoin introduces an air of legitimacy into this that wasn't there previously and also creates demand," Ullmann said.