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Bitcoin Reaches $72,000: Five-Month High Driven by Election Anticipation

by THEFUTURE.TEAM

October 30, 2024

Bitcoin has soared to a five-month high, hitting a remarkable $72,308, driven primarily by the upcoming U.S. presidential election and a positive outlook for cryptocurrencies.

The price of Bitcoin has increased by more than 3%, marking its highest value since May 21. This surge brings Bitcoin’s gains in October to over 11%. Other significant cryptocurrencies also experienced upward momentum, with Ether climbing 4% to reach a ten-day high of $2,637, Binance Coin rising 2% to an eight-day high of $608, and Solana increasing 2% to a three-month high of $182.

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Additionally, shares of companies engaged in Bitcoin mining—an energy-intensive process that unlocks new bitcoins from the blockchain—have also risen significantly. Firms like Core Scientific, Marathon Digital, and Riot Platforms saw their stock prices increase by at least 15% in October.

Several key factors contribute to this remarkable rally. Foremost is the impending U.S. presidential election on November 5, where candidates Kamala Harris and Donald Trump are advocating policies that could lead to a dramatic increase in the national debt. Following the Federal Reserve’s interest rate cut last month, there are growing concerns among sceptics that current monetary policies may be insufficient to tackle inflation. This environment has led investors, including billionaire Paul Tudor Jones, to turn to Bitcoin and gold as hedges against inflation. Notably, gold prices also rose by 6% following the Fed’s rate cut on September 18.

Moreover, the increase in Bitcoin prices aligns with rising odds in the betting markets anticipating a Trump victory. Such an outcome could be favourable for the cryptocurrency market, as Trump has expressed support for pro-crypto policies and has proposed establishing a “strategic national Bitcoin reserve.”

Furthermore, the approval of spot Bitcoin trading funds by U.S. regulators in January has created additional momentum in the market, attracting billions of dollars from institutional investors.

The combination of political developments, market sentiment, and regulatory changes has propelled Bitcoin to new heights. As investors remain optimistic about the cryptocurrency’s future, the upcoming election and its implications for monetary policy will likely play a significant role in shaping market dynamics in the months to come.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.