Bitcoin, the world’s largest and best-known cryptocurrency, has more than doubled from this year’s low of $38,505 to hit $81,572, after hitting an intraday high of $81,899.
Trump advocated for digital assets during his campaign, vowing to turn the United States into “the crypto asset of the planet” and proposing the creation of a national stockpile of Bitcoin.
While other so-called “Trump trades” such as shorting U.S. stocks and bonds have slowed since the election, the crypto market remains bullish.
“Bitcoin’s Trump pump is alive and well,” said Matt Simpson, senior market analyst at City Index. “With Republicans nearing a majority in the House of Representatives, the crypto community appears confident in deregulating the digital currency space.”
Simpson noted that while President Trump’s immediate focus may be on other priorities, investors can expect less scrutiny from the U.S. Securities and Exchange Commission (SEC). President Trump has publicly announced that he will fire current SEC Chairman Gary Gensler.
The crypto sector has invested over $119 million in support of pro-crypto candidates with positive results in multiple states. In Ohio, Senate Banking Committee Chairman Sherrod Brown, a prominent critic of cryptocurrencies, was removed from his seat. Meanwhile, pro-crypto candidates were successful in Michigan, West Virginia, Indiana, Alabama, and North Carolina.
In September, President Trump announced a new cryptocurrency venture, World Liberty Financial. Although details are still limited, the project is interpreted as a strong endorsement of the sector.
Billionaire Elon Musk, a key ally of President Trump, also supports cryptocurrencies. Eric Trump, the president-elect’s son and executive vice president of the Trump Organization, is scheduled to give a keynote speech at a Bitcoin conference in Abu Dhabi next month, event organizers said.
The crypto rally extends beyond Bitcoin. Ether has soared above $3,200 for the first time in three months, with the most recent trading price being $3,192, while Dogecoin, which was originally launched as a parody, hit a three-year high.
