Bitcoin Surges Above $80,000 After Trump’s Historic Win in the Elections

Table of Contents-Bitcoin Surges Above $80,000 After Trump’s Historic Win in the Elections

1. An Interesting Prelude 

2. Promises of Donald Trump on Cryptocurrencies 

3. Factors That Led To Bitcoin’s Upsurge 

4. Bottom Line 

An Interesting Prelude

On 11 November 2024, Bitcoin surged past $81,000 creating a ripple effect on other cryptocurrencies. The cryptocurrency sector is feeling enthused like never before. The prime reason behind their enthusiasm is because Donald Trump throughout his Presidential election campaigning has promised several favorable policies for the crypto sector. The policies range from creating a Bitcoin reserve to sacking the SEC chairman, and the commitment to not sell any Bitcoin holdings. Let us look into some of the major pro-crypto statements made by Donald Trump to understand the phenomenon better.

Promises of Donald Trump on Cryptocurrencies

Donald Trump has made many promises on cryptocurrencies which can have a far-reaching impact on the crypto exchanges, currencies, and companies alike. He made history by taking donations in cryptocurrencies. This was a game-changing moment as many crypto enthusiasts lobbied for his Presidency. The image of the Biden administration towards cryptocurrencies has been negative and is marred by the active role of SEC chairman Gary Gensler in punishing crypto firms. In his Presidential campaign, Trump publicly threatened to sack Gensler for this reason. This cheered a lot of crypto fans and supporters all around the world. 

In June he held closed-door sessions with many crypto enthusiasts and declared that Bitcoin mining will happen in the US. This has boosted the morale of many Bitcoin miners. Therefore, many voters believe that once Donald Trump’s 2nd Presidency begins, cryptocurrencies and not just Bitcoins will enter a golden phase.  Hence, these factors are cumulatively responsible for boosting investor confidence and credibility levels of cryptocurrencies, ICOs, and exchanges.

Factors That Led To Upsurge of Bitcoin

The ripple effect of Donald Trump’s victory has been felt on the price of Bitcoin. Bitcoin’s price in the last 2 days has hovered around $80,000 to $89,000. Yesterday, it touched the $90,000 mark just before the stock market closed. Some investors continue to make fresh records on its way to $100,000 later this year. The biggest factor behind the rise of Bitcoin is strong positive sentiments that will likely persist through 2024. Hence, the reason behind the persistence is that although Trump has been elected this November, he will take the oath of the President in January 2025. Therefore, this positivity may positively last throughout the two remaining months. 

Bottom Line

The electoral victory of Donald Trump may usher in a new chapter in the history of cryptocurrencies. Cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and other altcoins have all witnessed unprecedented positive sentiments after his elections. These factors will invariably bring more investors, and traders and increase the user base of cryptocurrencies. Thus, it can also open more opportunities to revamp the financial sector. Therefore, it would not be an exaggeration to suggest that cryptocurrencies will become more popular and eventually become a fitting substitute for fiat-controlled economies.