Bitcoin reacts positively to inflation and negatively Trump-Harris debate outcome just as problems continue to pile up for Worldcoin

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Last Updated on 12 September 2024 by CryptoTips.eu

The largest digital currency initially reacted negatively to the outcome of the presidential debate between candidates Donald Trump and Kamala Harris. Earlier this week Wall Street investment firm Bernstein had predicted a higher Bitcoin price if Trump is elected, and a lower one if Harris is elected.

Later on Wednesday, Bitcoin moved higher again after US inflation figures appeared to be moving in the right direction. Because of this, investors have renewed hope that an interest rate cut next week by the Federal Reserve is in the works.

At the time of writing, Bitcoin is trading for $58,200.

Singapore is the latest country where Worldcoin, the digital currency founded by Sam Altman, the well-known CEO of OpenAI, is getting into trouble. Is it over and out for this project already?

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Bitcoin and Harris

The (probably only) debate between Democratic presidential candidate Kamala Harris and Republican presidential candidate Donald Trump on news channel ABC this week was clearly won by Harris, or so the American viewers (and also the crypto betting site Polymarket) decided afterwards.

That’s bad news for Bitcoin (which initially fell after the debate) as a Trump victory in November is widely expected to be better for crypto.

There are still a few months before the actual election, of course, and if Kamala Harris also wants to count on the votes of crypto fans (i.e. most American young people), her party will have to be a little bit more positive about digital currencies in the future.

Worldcoin and Singapore

Thanks to the connection with ChatGPT, Worldcoin received a lot of publicity at the beginning of the year. The cryptocurrency founded by Sam Altman (CEO of OpenAi, the company responsible for the development of ChatGPT) reached an All Time High of $12 in March this year.

A few years ago, Sam decided to create a cryptocurrency that would pay out a UBS (universal basic income) to everyone who wanted to have their pupils scanned and stored in an AI computer. In other words: no more privacy for anyone because every camera anywhere in the world would know who you are and, more importantly, where and when you are.

Various governments in the world saw this as a major intrusion and Worldcoin had to immediately deal with legal authorities in various countries.

The problems mounted and ever since July Worldcoin has been trading at just over $1 and even risks tumbling out of CoinMarketCap’s top 100.

Worldcoin ran into trouble with authorities in Hong Kong, has been blocked in Spain, was fined in Argentina and a criminal investigation has been opened in Kenya. The Wall Street Journal even published a handy overview of all criminal proceedings against the currency.

This week, another country was added to the list as Singapore also opened an investigation into several people who tried to promote the currency on their territory.

Is there still a future for Altman’s project or is it over and out for Worldcoin?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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