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Donald Trump’s victory in the just-concluded United States elections has created a buzz in the cryptocurrency market, pushing Bitcoin above $81,000. The prospect of a Trump-era pro-crypto US Congress that supports digital assets could be responsible for the crypto rally.
According to a Bloomberg Report, Bitcoin traded at $81,156 on November 11, 2024, the world’s largest crypto by market cap’s second consecutive all-time high in 24 hours, breaking the $80,000 ceiling on Sunday, November 10. The token scaled $75,000 after Trump’s victory against the Democratic Party’s Kamala Harris, having crossed the previous all-time high of $73,797.98 recorded in March 2024.
Bitcoin has so far gained 94% in 2024
The Bullish sentiment that catapulted Bitcoin above $81,000 spread across the entire crypto space where other smaller tokens, such as Elon Musk’s favourite Dogecoin (DOGE), gained. According to Hong Kong-based Auros’ Managing Director Le Shi, it was only a matter of time before the perception that a pro-crypto Trump victory would herald the kind of victory “we’re seeing now.”
Bitcoin has gained around 93% in 2024 so far, especially following inflows surrounding the US Bitcoin exchange-traded funds (ETFs) and the interest rate cuts from the US Federal Reserve (Fed). Speaking to Bloomberg, Richard Galvin, the founder and CEO of DACM, said experts believe the buying pressure will continue due to the de-risk associated with Trump’s victory.
Promise to Pay Off US Debt with Bitcoin
Adding his voice to the hopes of the American people, Tesla founder and great supporter of the US president-elect, Elon Musk, said Americans would expect Trump to use digital assets to address the country’s unsustainable debt burden. Musk has consistently warned of the dangers of the American debt crisis and the looming financial emergency in the country. Commenting on his X handle, the Tesla Titan stated, “excess government spending is driving America into bankruptcy….This debt growth is unsustainable.”
During his August campaigns, President-elect Donald Trump sold the idea that if elected, he would use BTC to “pay off the $35 trillion” US debt. For crypto enthusiasts, Trump’s victory made Him the country’s 45th president, and the potential for a Congress with a majority of crypto officials brings the dream closer home.
Trump’s Victory has spread to the Entire Crypto Market
The promise of favourable pro-crypto regulation that Trump promised has now spread over the market and is driving the price, with Altcoins also following suit. Besides promising to make the United States “the crypto capital of the planet,” Trump also promised to sack Gary Gensler, the Securities and Exchange Commission (SEC) chair responsible for a severe crackdown targeting the crypto industry, and to replace him with a more crypto-friendly regime.
Trump’s victory temporarily had the opposite effect on other markets, such as US stocks and shorting bond, which lost some steam in the aftermath. Commenting on the development as it relates to the pro-crypto Congress coming up in the American leadership, senior market analyst at City Index Matt Simpson stated that “Bitcoin’s Trump-pump was alive and well […] it seems the crypto crowd is betting on digital-currency deregulation.”
Conclusion
Trump’s victory in the 2024 election may have surprised many, considering that he called cryptocurrencies a “scam” during his first term in office. However, Trump changed his position during the last days of his campaign and went on to launch a crypto platform of his own. His pledge to make America the “bitcoin and crypto capital of the world” is the primary catalyst driving Bitcoin above $81,000. Trump launched a digital currency platform dubbed World Liberty Financial in September with his sons and some entrepreneurs, and only time will tell how far his election will take Bitcoin and the entire crypto market.
