- Bitcoin’s Record High: Bitcoin soared to an all-time high of over $82,000 following Trump’s historic US Election win .
- Trump’s Pro-Crypto Stance: Trump’s support for digital assets and potential regulatory support drove this trend .
- Institutional Investors: Institutional investors re-entered the market, creating buying pressure for digital assets like Bitcoin .
- Industry Investments: The digital asset industry spent over $100 million supporting crypto-friendly candidates, including Trump .
- Market Optimism: The market’s optimism lifted other tokens, including Dogecoin, promoted by Elon Musk .
- Bitcoin’s Growth: Bitcoin has increased nearly 94% so far in 2024, boosted by demand for US exchange-traded funds (ETFs) and key rate cuts by the Federal Reserve .
Bitcoin’s value has surged to an all-time high of over $81,000, driven by Donald Trump’s presidential win and his administration’s expected support for digital assets . Trump’s victory has energized investors, who are optimistic about his pro-crypto policies. This rally has also lifted other cryptocurrencies, including Dogecoin, which was popularized by billionaire Elon Musk, a Trump supporter .
Trump’s campaign promises to prioritize the US digital-asset sector and make the country the “bitcoin and cryptocurrency capital of the world” have contributed to the surge . His pledge to put Tesla founder and CEO Elon Musk in charge of a wide-ranging audit of governmental waste has also boosted investor confidence .
The cryptocurrency market’s bullish sentiment persists, with Bitcoin gaining around 93% so far in 2024 . This growth is attributed to inflows into US bitcoin exchange-traded funds (ETFs) and interest-rate cuts by the US Federal Reserve . Industry experts expect the “buying pressure” to continue, given the perceived benefits of Trump’s pro-crypto stance .
