A major bullish signal appeared in Asia, with the election of a pro-crypto president in South Korea on March 14.
Conservative South Korean President-elect Yoon Suk-yeol is now set to move into the Blue House in Seoul in May.
The leader of the People Power Party has not been shy in issuing contentious views on feminism, North Korea, and also cryptocurrencies.
Moves in Korea have given bitcoin a huge boost.
Bitcoin shot up above $40,000 today, rallying on the news that the incoming South Korean president is bullish on crypto.
The cryptocurrency market capitalisation shot up 2% today on the back of several positive factors, such as the EU abandoning critical legislation that would have led to an effective ban on bitcoin mining in the bloc.
Bitcoin (BTC-USD) has rallied up 3.6% today, breaking through the $40,000 mark in the early hours of the morning UK-time. Ethereum (ETH-USD) is also up 5%, to $2,644, with recent data showing that Ethereum increased its transaction volume throughout 2021 to peak above VISA. Ethereum moved $11.6 trillion in 2021, with VISA falling behind at $10.4 trillion in payments volume.
With the onset of inflation of major fiat currencies, more and more investors are looking for an alternative to the dollar.
The inflation rate has caused US investor and fund manager Bill Gross to pledge his allegiance to bitcoin.
Speaking this week to CNBC he said: “I do think we need an alternative to the dollar as we’ve seen in the last week or two and that you know, there will be several survivors and I’m invested to a small extent in bitcoin.”
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