The victory of Donald Trump in the American presidential elections, which brings the Republican back to the White House after the 2020 victory, gives wings to the bitcoin and greenbackThe tycoon's return fuels hopes of a more friendly regulation of the crypto world pushing Bitcoin to a new record with a leap of the + 10%. The price has reached 75 thousand dollars for the first time in history. The prices of other cryptocurrencies are also gaining, Ether rises by +9% to 2.623 dollars.
In a 2021 Fox News interview, Trump called Bitcoin a “scam,” but later changed his mind and expressed a desire to make the United States the “cryptocurrency capital of the planet.”
The all-Italian twist
Linked to cryptocurrencies, it is necessary to add a detail that concerns Italy more closely. L'increase in taxation on the proceeds from crypto-asset transactions could lead to hiding this type of activity from the tax authorities, transferring them to non-EU operators, said Andrea Brandolini, deputy head of the Department of Economics and Statistics of the Bank of Italy during the hearing on the maneuver at the committees of the Chamber of Deputies and the Senate.
La new budget law, if it comes into force in the current text, it provides for a modification “to a substantial extent” of the level of taxation on cryptocurrency transactions, raising the rate from 26% to 42%, “with a negligible effect on revenue,” he recalls. In particular, the 2023 budget law had aligned the rate on crypto-assets to that envisaged for financial investments, offering the possibility to those who held this type of asset to bring out investments and proceeds with the payment of a lump sum, Websim notes.
Dollar strengthens against all other currencies
The dollar also strengthened against most other G-10 and Asian currencies. The greenback opened the day with a surge (+1,60%), which pushed it to four-month highs against the euro. This could be the best session of 2024. Only once before today, on April 10, has the dollar managed to gain more than one point against the euro in a single session.
also the Asian currencies have weakened significantly. A Trump presidency is expected to see an increase in US protectionist policies, likely spurring greater dollar strength. Trump is also expected to adopt more inflationary policies, keeping interest rates higher in the long run, which is favorable to the dollar. The dollar/yen cross is at 153,74, versus 152,26 at the previous close.
