On Wednesday, Bitcoin surged past $90,000, marking its highest value record. This rise in price shows no sign of slowing down, as many expect that Donald Trump’s role as US president could benefit cryptocurrencies.
Bitcoin, the world’s largest cryptocurrency, has been on a notable climb since the election. It briefly reached a record high of $93,480 before slightly falling back. By the end of the day, it was at $88,185, still up 32% since November 5.
Other digital currencies have also seen a boost. Ether, a smaller but well-known cryptocurrency, has increased by 37% since Election Day. Dogecoin, a popular yet unpredictable token often promoted by top billionaire and Trump supporter Elon Musk, rose more than 150%.
According to Damon Polistina, head of research at Eaglebrook, the market sees a Trump-led administration as potentially favorable for Bitcoin. He suggests that policies could allow Americans to hold Bitcoin directly and may even encourage the US Treasury to consider Bitcoin as an official reserve asset.
He noted that regulatory uncertainty has been a significant hurdle for the sector, making advisors hesitant to invest in Bitcoin for their clients.
Trump aims to make US ‘crypto capital of the planet’
During his campaign, Trump pledged strong support for digital assets, aiming to make the United States the “crypto capital of the planet” and even suggesting the creation of a national Bitcoin reserve.
While details on how or when this might happen are unclear, the idea has fueled a wave of interest in crypto mining and trading stocks.
#BITCOIN EXTENDS RALLY TO A RECORD OF MORE THAN $93,000 pic.twitter.com/0RdBVgzQFl
— GAR Capital (@garcapital) November 13, 2024
Zach Pandl, head of research at Grayscale Investments, commented that the election outcome could allow major regulated firms, like banks and exchanges, to start working with blockchain technology in ways they haven’t before.
Meanwhile, MicroStrategy, a software company and major Bitcoin investor, reported spending around $2 billion on Bitcoin purchases from Oct. 31 to Nov. 10. This news helped its shares reach an all-time high on Tuesday.
Crypto investors expect less scrutiny from the Securities and Exchange Commission under Trump’s leadership. In September, Trump and his sons launched a new crypto venture, World Liberty Financial, sparking more excitement in the market.
“Many people believe that we will inevitably get to bitcoin at $100k,” said JJ Kinahan, CEO of IG North America and president of tastytrade. He anticipates Bitcoin’s upward momentum to continue, at least until the inauguration, when the actual plans become clearer.
Some, however, urge caution amid the rapid rise. Georgi Koreli, CEO of Hinkal, a blockchain-based trading platform, advises investors to be aware of potential market swings. “This doesn’t mean that we will not see $95K or even $100K soon, but rather that BTC might pause or slide back to regain its strength,” Koreli said.
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