US election, Trump and Biden campaign to accept bitcoin donations, bitcoin breaking one million?

Recently, major news came from the US presidential campaign. Former President Donald Trump and current President Joe Biden's campaign team announced that they are officially accepting donations in Bitcoin and other cryptocurrencies.

This decision marks a further rise in the importance of cryptocurrencies in the US political arena. This is the first time in history that candidates from both major political parties have accepted cryptocurrency donations at the same time, reflecting their importance and recognition of digital currencies. The campaign team said the move was not only to adapt to the trends of the digital age, but also to attract young voters and supporters of technological innovation.

Accepting cryptocurrency donations not only increases the flexibility of fundraising, but also provides a strong endorsement for the legal status and social acceptance of digital currencies.

The Trump and Biden campaign officially accepted bitcoin and cryptocurrency donations, which is of profound significance to the cryptocurrency market. First, it shows the recognition and acceptance of cryptocurrencies by mainstream political forces, which has played a positive role in increasing the public's trust and acceptance of cryptocurrencies. By accepting cryptocurrency donations, the campaign team demonstrated their willingness to embrace new technology and adapt to changing times, which is certainly a highlight for attracting young voters and tech enthusiasts.

Second, the move helps increase the market value of Bitcoin and other cryptocurrencies. As more people recognize the legitimacy and importance of cryptocurrencies, market demand will increase, thereby driving their price up. Recognition and application in the political field may drive cryptocurrency applications in other fields, such as financial services, e-commerce, etc., thereby further promoting the popularity and application of cryptocurrencies.

Additionally, accepting cryptocurrency donations may also improve the relevant legal and regulatory framework. Due to the unique nature of cryptocurrencies, their regulation has always been a challenge. As political activity gets involved, governments and regulators may speed up the enactment of relevant laws and regulations to regulate and guarantee the use of cryptocurrencies. This will provide a more stable and reliable legal environment for the development of the cryptocurrency market and help attract more investors and users.

Trump and Biden's campaign officially accepted bitcoin and cryptocurrency donations, which certainly injected a shot of strength into the cryptocurrency market. However, whether this is enough to push Bitcoin to break through the million-dollar mark still requires a combination of factors. First, the increase in market demand is an important factor driving up prices. As public acceptance of cryptocurrencies increases, market demand will continue to grow, which will have a positive effect on increasing the price of Bitcoin.

Second, changes in the global economic environment and policy will also have a significant impact on the price of Bitcoin. If monetary policies in major economies continue to be relaxed, causing fiat currencies to depreciate, cryptocurrencies such as Bitcoin may become the first choice for investors to hedge risks, thus driving up prices. Furthermore, technological innovation and expansion of application scenarios are also important factors. If the application of Bitcoin in payments, cross-border transfers, smart contracts, etc. becomes more popular, its value will be more recognized.

However, market volatility and uncertainty remain, and investors need to be rational and cautious. Although participation in political activities has had a positive impact on the Bitcoin market, breaking through one million dollars in the short term still faces many challenges.

Globally, traditional brokerage firms and new multi-functional investment platforms are continuously expanding their scope of services to support the trading of Bitcoin and other cryptocurrencies, thus driving up the price of Bitcoin. Traditional brokerage firms, represented by Futu, have attracted a large number of traditional financial investors to enter the cryptocurrency market by providing convenient digital currency trading services. Futu's successful demonstration encouraged more brokerage firms to follow suit, bringing more capital and investment opportunities to the cryptocurrency market.

However, cryptocurrency trading services for some securities are currently limited to professional investors domiciled in Hong Kong, and there are geographical restrictions. These investors need to meet specific asset requirements. For example, individuals need to have more than HK$8 million (about US$1.37 million) of investable assets, and enterprises need to have assets of over HK$40 million. This restriction is to comply with the Hong Kong Securities and futures Commission (SFC) regulatory requirements to ensure that investors have sufficient risk tolerance.

In contrast, new multi-purpose investment platforms like BiyaPay have no geographical or minimum asset restrictions. Investors from all over the world can invest in Bitcoin, US stocks, Hong Kong stocks, foreign exchange and other products through BiyaPay. Investors can also use BiyaPay to exchange digital currencies such as Bitcoin and USDT into fiat currencies such as US dollars or Hong Kong dollars, and remit them to platforms such as Jiaxin Securities or the investor's bank account.

By integrating digital currencies and traditional financial products, BiyaPay provides users with a more convenient transaction experience. It not only supports the trading of Bitcoin and other cryptocurrencies, but also provides a variety of investment products such as stocks, options, and foreign exchange. This comprehensive platform reduces users' transaction costs, improves transaction efficiency, and attracts more investors to participate in the digital currency market, thus driving up the price of Bitcoin.

Since its introduction in 2009, Bitcoin has gone through a journey from obscurity to global popularity. Initially, Bitcoin was mostly popular among tech geeks and grassroots groups, and its influence gradually expanded over time. In particular, in 2017, the price of Bitcoin broke through 10,000 US dollars for the first time, drawing worldwide attention. Subsequently, more and more celebrities and entrepreneurs, such as Tesla CEO Elon Musk, publicly expressed their support for Bitcoin, which further boosted the price of Bitcoin.

Governments' attitudes towards Bitcoin are also gradually changing. Some countries are beginning to try to incorporate Bitcoin into the legal financial system, and are even considering issuing national digital currencies. For example, El Salvador became the first country in the world to use Bitcoin as legal tender, providing an example for the popularity and application of Bitcoin. However, there are also some countries that are wary of cryptocurrencies and have implemented strict regulatory policies.

Investors need to be aware of the following risks when investing in Bitcoin and other cryptocurrencies:

Market volatility: Bitcoin's price fluctuates drastically, and investors need to have sufficient risk tolerance.

Regulatory risk: Governments vary in their regulatory policies on cryptocurrencies, which could have a significant impact on the market.

Technical risk: Cryptocurrency trading relies on sophisticated technology, and there is a risk of system bugs and hacking attacks.

In short, although Bitcoin has achieved significant growth and acceptance over the past few years, investors still need to act carefully, pay attention to market dynamics and policy changes, and plan investment strategies reasonably to ensure asset security and steady growth.