Mystery Bitcoin mega-investor sees fortune swell to $21BILLION as Trump win sets crypto surging to record high of $84k
A MYSTERY Bitcoin mega-investor has seen their fortune swell to $21billion as Donald Trump's crushing election win has caused a price surge.
The cryptocurrency has now reached an all time high of $84,000 after the president-elect pledged to make America "the crypto capital of the planet" during his campaign.
In September, Bitcoin was priced between $59,000 and $65,000 with the mega-investor's fortune sitting around $17b.
But since Trump's decisive victory on November 5, Bitcoin has spiked - now reaching its highest amount ever, $84,000.
The mega-investor is anonymous and only identified with an address name of almost random numbers and letters.
The Sun has reported on the crypto whale before, when the value of the address plummeted to a mere $5.24b in June 2022.
During his successful campaign, Trump courted the crypto industry and spoke at a Bitcoin conference in July.
The president-elect has also pledged to create a "strategic reserve" of bitcoin while his campaign accepted donations in cryptocurrency.
Trump pledged that one of his first actions as president would be to sack the current chair of the Securities and Exchange Commission (SEC), Gary Gensler.
Gensler has led the SEC's crackdown on the crypto industry as the Biden administration sought to rein in the unregulated sector.
Other cryptocurrencies are also surging, including Doge, Ethereum, and Solana.
Coinbase CEO Brian Armstrong celebrated following Trump's win.
He said: "Tonight the crypto voter has spoken decisively — across party lines and in key races across the country.
"Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it."
Trump was previously a crypto skeptic, but changed his mind and embraced the sector during his run for the White House.
Crypto traders can have sudden and unpredictable booms and busts - such as one trader who claimed he lost millions of dollars in just under five minutes.
Some everyday people have turned themselves into millionaires by investing in Bitcoin early.
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Davinci Jeremie urged people to take a chance on the cryptocurrency for just $1 (78p), but his desperate pleas were largely ignored.
The risk has since made him filthy rich - and the crypto king now boasts a net worth of more than $10million (£7.2million).
The dangers of crypto
Despite the recent price rise, there are dangers to buying crypto currencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.