Bitcoin hit a new all-time high above $80,000 on Sunday. The surge followed Donald Trump’s victory in the U.S. presidential election. Bitcoin’s price has continued to rise since election night. The surge is fueling excitement in the crypto market, with many believing Trump’s win is boosting Bitcoin’s prospects.
Bitcoin is up 80% this year. The S&P 500 has gained 25.7%. After briefly touching $80,000, Bitcoin traded just below that mark on Sunday morning.
Trump’s Shift on Crypto
Trump has changed his stance on Bitcoin. He once called it “based on thin air,” but now he fully supports crypto. This shift comes as Trump has financial ties to the crypto world. In September, he and his children launched a crypto venture called World Liberty Financial. “It’s very young and very growing,” Trump said, expressing belief in cryptocurrency’s future.
The Biden administration has been more cautious about crypto. SEC Chairman Gary Gensler has raised concerns about fraud and scams in the crypto industry. Under Biden, the SEC has filed lawsuits against crypto companies and pushed for stricter regulations. However, Gensler eventually approved a Bitcoin exchange-traded fund (ETF), allowing people to invest in Bitcoin through retirement accounts.
Trump’s Vision for Crypto
Trump has become more vocal about crypto’s potential. In August, he proposed a “strategic national bitcoin stockpile.” He suggested that Bitcoin should be “mined, minted, and made in the USA.” His statements signal a push to strengthen America’s involvement in the crypto space.
Elon Musk, a vocal Trump supporter, has been a long-time crypto advocate. Musk’s favorite coin, Dogecoin, surged more than 20% on Sunday. His backing of cryptocurrencies, especially Bitcoin and Dogecoin, continues to influence market trends.
With Trump’s victory and Musk’s ongoing support, the future of cryptocurrency looks bright. Bitcoin’s price continues to break records, signaling a shift in public and political attitudes toward digital currencies.
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Despite this regulatory push, Gensler’s SEC did eventually approve a Bitcoin exchange-traded fund (ETF), allowing investors to gain exposure to Bitcoin through retirement accounts. In early 2024, a hacking incident involving Gensler’s X account caused confusion when a false post indicated that the Bitcoin ETF was already open for business, temporarily sending crypto prices surging.
Trump’s Crypto Vision
Trump has increasingly spoken about the potential for cryptocurrency to shape the future. In August, he suggested that the U.S. should create a “strategic national bitcoin stockpile,” similar to the strategic petroleum reserve, to secure the nation’s financial future with digital assets. Trump also proposed that Bitcoin be “mined, minted, and made in the USA,” a statement aimed at boosting American involvement in the crypto industry.
Elon Musk, one of Trump’s most prominent supporters, is also a well-known advocate for cryptocurrencies, especially Dogecoin. Musk’s favorite coin surged more than 20% on Sunday, continuing its upward trend from the previous week. Musk’s backing of cryptocurrencies, including his frequent endorsements of Bitcoin and Dogecoin, has been seen as a significant driver of market sentiment.
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