Business
Bitcoin Rises Amid Trump’s Campaign Promises, Trading at $72,784
Bitcoin has seen a significant surge in New York trading, climbing 3.9% to reach $72,784.40, inching closer to its record high of nearly $74,000 set in March. This recent rally is being attributed to what analysts are referring to as the “Trump trade,” following the Republican candidate’s bold declarations regarding cryptocurrency.
Donald Trump has vowed to make the United States the “bitcoin superpower of the world” if he regains the presidency, a commitment that has resonated with crypto investors. Many in the market view a potential Trump victory as favorable for digital assets, fueling investor enthusiasm and driving up prices.
As Trump and Democratic candidate Kamala Harris remain neck and neck in the polls, market sentiment appears to be leaning towards Trump. The former president, who once labeled bitcoin a “scam,” has recently shifted his stance, actively courting the cryptocurrency sector. Notably, Trump has pledged to fire Gary Gensler, the current chairman of the US Securities and Exchange Commission (SEC), known for his stringent regulation of crypto markets.
Supporters of bitcoin argue that the cryptocurrency serves as a hedge against inflation, benefiting from a fixed supply cap of 21 million coins, with over 19 million already in circulation. Although Trump’s proposed tariffs on foreign goods—including a universal 20% tariff and a potential 60% tariff on Chinese imports—are expected to carry inflationary implications, he claims these tariffs will not lead to higher prices for consumers.
Kamala Harris, the Democratic nominee, has also expressed a positive outlook on digital currencies. In her recent economic strategy, she described cryptocurrency as vital to the “industries of the future” and has engaged in discussions with crypto firms, suggesting a willingness to collaborate with the sector.
Market analyst Tony Sycamore from IG Australia noted that bitcoin’s current price surge reflects investor optimism surrounding a potential Trump victory. Meanwhile, Ryan Lee, chief analyst at Bitget Research, emphasized that both Trump and Harris advocate for a clearer regulatory environment for digital assets, but Trump’s enthusiastic support appears to have heightened market optimism.
Investor interest in the cryptocurrency market has also positively affected other digital currencies. Ether, the second-largest cryptocurrency by market capitalization, experienced a similar 3.9% increase, trading at $2,667 in New York on Tuesday.
Overall, bitcoin’s recent performance highlights the influence of political developments on cryptocurrency markets, with investors keenly watching the upcoming election outcomes as they position themselves in this volatile landscape.
Business
Gary Lineker Places TV Production Company into Voluntary Liquidation Ahead of Tax Rises
Former England footballer and broadcaster Gary Lineker has placed his television production company, Goalhanger Films, into voluntary liquidation as the UK government prepares to raise capital gains tax rates. The move is seen as a strategic decision to minimize tax liabilities before the upcoming increase in tax rates.
Co-owned with former ITV controller Tony Pastor, Goalhanger Films reported net assets exceeding £440,000 in its last published accounts. The liquidation comes in response to the UK government’s announcement in the recent Budget that capital gains tax rates will rise from 10% to 14% in April, with a further increase to 18% in 2025. By liquidating the company now, Lineker and Pastor will be able to take advantage of the current lower tax rate on distributions from the company’s assets.
Tony Pastor confirmed that Goalhanger Films is being “mothballed,” allowing both he and Lineker to focus on their growing podcast venture, Goalhanger Podcasts. The podcast platform, which hosts popular series such as The Rest Is History and The Rest Is Football, reported net assets of nearly £591,000 earlier this year, reflecting the success and rapid growth of the podcasting business.
The liquidation of Goalhanger Films follows the process of Members’ Voluntary Liquidation (MVL), which allows solvent companies to wind down operations in a tax-efficient way. This process enables business owners to treat distributions from retained earnings as capital gains rather than income, potentially yielding significant tax savings under the Business Asset Disposal Relief framework.
Goalhanger Films, launched in 2014, produced high-profile sports documentaries featuring figures like Mohamed Salah and Serena Williams. However, the shift towards podcasts marks Lineker’s strategic adaptation to the evolving media landscape, where podcasts have become a more lucrative and popular format.
Although Lineker stepped down from hosting Match of the Day after a 26-year tenure, he continues to maintain a strong presence at the BBC. He holds contracts to present coverage for major events, including the FA Cup and the 2026 World Cup.
Lineker’s financial move offers valuable lessons for business owners and entrepreneurs, particularly in anticipating tax changes and making timely decisions to maximize financial benefits. Business owners looking to close solvent companies may also find the MVL process an effective way to unlock value efficiently. Additionally, Lineker’s pivot to podcasting highlights the importance of adapting to emerging markets and shifting focus to the most successful ventures.
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