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Bitcoin is proving its mettle, and showing no signs of stopping. The crypto skyrocketed to a fresh record high on Monday, as investors bet that Donald Trump’s return to the Oval Office will be good for the crypto industry.
The world’s largest and most recognized cryptocurrency has now more than doubled from the year’s low of $38,4000 and was last at $81,405 having earlier touched a record high of $81,890, data from Coingecko shows.
A day after the elections, Bitcoin hit $75k, topping its previous high of $74,797 last March. Bitcoin’s early November price surge isn’t surprising, knowing how Bitcoin and crypto have become a hot election topic.
While Democrat Kamala Harris pitched her support for new technologies like AI, Trump was seen as more receptive and favorable to the Bitcoin and crypto community. Bitcoin’s latest surge pushed the asset’s market cap to over $2.7 trillion, data from CoinMarketCap show.
Bitcoin Pushes Another ATH, Boosts the Crypto Market
Bitcoin’s bullish price action started last November 5th, when Trump’s numbers showed a convincing win. Earlier Wednesday, Bitcoin’s price hit $75k and soon surged to new highs until, Monday.
Bitcoin’s surge also benefited the rest of the crypto industry. For example, with Bitcoin’s price ascent, MicroStrategy’s share price increased, which was confirmed with Coinbase Global. Traders’ optimism is high; even the Dow Jones Industrial Average and the S&P 500 ended the week in black.
Trump’s Change In Bitcoin Policy
Interestingly, incoming President Trump wasn’t initially keen on Bitcoin and cryptocurrencies. During his first presidency, Trump labeled these digital assets as scams. However, with his recent public appearances and pronouncements, Trump changed his tune and now shows massive support.
In one of his campaign speeches, Trump promised to make the US the Bitcoin and crypto capital of the world. He also enjoys the support of many famous crypto personalities, including Elon Musk.
Crypto ProjectAside from his public statements supporting Bitcoin, Trump has also explored a crypto project. Last September, Trump and his sons and other entrepreneurs launched World Liberty Financial, a digital currency platform. However, technical difficulties and other issues marred the project’s launch.
Although Bitcoin and cryptocurrencies are known for their volatility, Trump has led the adoption of digital assets in recent months. Before the elections, he used BTC for retail purchases, the first US president to do so, making it a historic transaction.
Featured image from DALL-E, chart from TradingView
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