Bitcoin Surges Past $80,000 as Trump Victory Sparks Hopes for Crypto-Friendly White House Policies
Bitcoin: Bitcoin has surged to a record-breaking $80,000, fueled by speculation that President-elect Donald Trump’s return to the White House will foster a more crypto-friendly regulatory landscape. This milestone occurred at 12:00 pm GMT on Sunday, marking the first time the digital currency has reached this level and sparking excitement among crypto traders and investors.
Trump’s Pro-Crypto Stance Ignites Bitcoin Rally
The rally follows Trump’s victory over Kamala Harris in last Tuesday’s U.S. presidential election, with analysts pointing to his pro-crypto stance as a key factor behind Bitcoin’s price explosion. Trump has promised to cut down on digital currency regulations, a significant policy shift from his earlier administration, where he dismissed cryptocurrencies as a “scam.” Since then, Trump has embraced the sector, launching his own platform, World Liberty Financial, aiming to make the U.S. a “global hub for bitcoin and cryptocurrency.”
“Trump’s win has considerably strengthened the likelihood of Bitcoin growing into a far larger asset class,” says Charles Morris, an analyst with investment firm ByteTree. This bullish sentiment aligns with the views of Stephane Ifrah from Coinhouse, who noted that Bitcoin’s upward trend could last for a year, with a potential target of $100,000 on the horizon.
Bitcoin Hits $80,000 Milestone and Continues to Climb
Bitcoin’s latest run began shortly after Trump’s election victory and has shown little sign of slowing. On Wednesday, Bitcoin surpassed $75,000, smashing its previous peak of $73,797 set in March. The currency’s 24/7 trading schedule has seen continuous buying momentum as markets digest Trump’s crypto-positive outlook and the expectation of deregulation.
“Under Trump, we’re looking at a whole new era for digital currency. Investors are increasingly optimistic about how a more relaxed regulatory environment could allow for broader institutional investment,” said Ifrah.
Trump’s Vision for a “Crypto Capital” and Elon Musk’s Role
Trump has pledged to position the U.S. as the “bitcoin and cryptocurrency capital of the world,” and plans to appoint tech mogul Elon Musk to lead an extensive audit of governmental waste. During Trump’s first presidency, corporate tax cuts fueled liquidity in the markets, prompting investment in high-growth assets, including Bitcoin.
Trump’s new commitment to cryptocurrency was underscored recently when he made a “historic transaction,” using Bitcoin to pay for a meal at a New York City restaurant. This gesture marked him as the first former president to complete a Bitcoin transaction in public.
World Liberty Financial and Early Market Reactions
Trump’s recent venture into the crypto market, World Liberty Financial, which he co-founded with his sons and other entrepreneurs, had a challenging initial launch earlier this month. Despite the hype, only a limited portion of the platform’s tokens sold. However, Trump’s team remains optimistic that with the right regulatory support and backing, World Liberty Financial will gain traction.
Bitcoin’s Tumultuous Journey and Bright Future Under Trump’s Administration
Bitcoin’s climb to $80,000 highlights its volatile yet resilient nature. The cryptocurrency market has faced dramatic highs and lows, with industry shakeups like the FTX collapse still fresh in investors’ minds. However, Bitcoin’s ability to reach new heights amid political change has reassured many traders.
As investors prepare for Trump’s inauguration, all eyes remain on Bitcoin’s trajectory as it approaches $100,000, with the potential for a more relaxed regulatory approach on the horizon.
