Bitcoin is proving its strength and showing no signs of stopping. Crypto skyrocketed modern record high on Monday, as investors bet that Donald Trump’s return to the Oval Office will be good for the cryptocurrency industry.
The world’s largest and most recognizable cryptocurrency has more than doubled from this year’s low of $38,4000 and was last on $81,405 previously hit a record high of $81,890, Coingecko data shows.
The day after the election, Bitcoin reached 75,000. dollars, surpassing its previous high of $74,797 in March last year. Bitcoin’s price surge in early November is not surprising given how Bitcoin and cryptocurrencies have become a balmy election issue.
While Democrat Kamala Harris has expressed her support for modern technologies such as artificial intelligence, Trump was seen as more open and favorable to the Bitcoin and cryptocurrency communities. Bitcoin’s recent rally has pushed the asset market capitalization to over $2.7 trillion, according to CoinMarketCap data.
Bitcoin Inks Another ATH, Improves Crypto Landscape
Bitcoin’s bullish price action began on November 5 last year, when Trump’s numbers showed a convincing win. Earlier on Wednesday, the price of Bitcoin reached 75,000. dollars and soon increased modern highs until Monday.
The rest of the crypto industry has also benefited from Bitcoin’s explosive growth. For example, as the price of Bitcoin rose, MicroStrategy’s stock price rose, as confirmed by Coinbase Global. Trader optimism is high; even the Dow Jones Industrial Average and S&P 500 ended the week in positive territory.
Trump’s Change in Bitcoin Policy
Interestingly, the modern President Trump was initially not interested in Bitcoin and cryptocurrencies. During his first presidency, Trump labeled these digital assets as fraud. However, following recent public appearances and statements, Trump has changed his tune and is now showing overwhelming support.
In one of his campaign speeches, Trump promised to make the US the world capital of Bitcoin and cryptocurrencies. It also enjoys the support of many celebrated figures from the cryptocurrency industry, including Elon Musk.
Crypto project
In addition to public statements supporting Bitcoin, Trump has also explored a crypto project. Last September, Trump, along with his sons and other entrepreneurs, launched World Liberty Financial, a digital currency platform. However, technical difficulties and other problems prevented the project from starting.
While Bitcoin and cryptocurrencies are known for their volatility, Trump has led the adoption of digital assets in recent months. Before the election, he used BTC for retail purchases, becoming the first US president to do so, making this transaction historic.
Featured image from DALL-E, chart from TradingView
