November 11, 2024 – Bitcoin surged to an all-time high above $81,000 on Monday, driven by a wave of optimism that cryptocurrencies are poised for significant growth under a favorable regulatory climate following Donald Trump’s election as U.S. president and the success of pro-crypto candidates in Congress.
The world’s largest and most recognized digital asset, Bitcoin has more than doubled from its 2024 low of $38,505, climbing to $81,572, after briefly surpassing $81,899 earlier in the day. This remarkable ascent comes as investors anticipate that the pro-crypto stance of the new administration will create a thriving environment for digital currencies.
Throughout his campaign, Trump expressed his commitment to digital assets, vowing to establish the United States as the “crypto capital of the planet” and even proposing the accumulation of a national bitcoin stockpile. While other so-called “Trump trades,” such as U.S. stocks and bond shorts, have cooled in the aftermath of the election, cryptocurrencies have maintained their momentum, benefiting from the belief that the political landscape is shifting in their favor.
The cryptocurrency industry has aggressively backed pro-crypto candidates, contributing over $119 million to congressional campaigns, and their efforts have largely paid off. In Ohio, a major opponent of the crypto sector, Senate Banking Committee Chair Sherrod Brown, was defeated. Meanwhile, pro-crypto candidates from both the Democratic and Republican parties emerged victorious in key states such as Michigan, West Virginia, Indiana, Alabama, and North Carolina.
In another sign of the growing political embrace of digital currencies, Trump launched a new crypto-focused business, World Liberty Financial, in September. Although details remain sparse, the initiative has been interpreted by investors as a positive signal of the president-elect’s personal investment in the crypto space. Additionally, Elon Musk, a key Trump ally and an outspoken supporter of cryptocurrencies, has further fueled enthusiasm.
Eric Trump, the president-elect’s son and executive vice president of The Trump Organization, is scheduled to deliver a keynote address at a prominent bitcoin conference in Abu Dhabi next month, further solidifying the family’s ties to the industry.
The broader cryptocurrency market has also seen substantial gains. Ether, the second-largest cryptocurrency, rose above $3,200 for the first time in over three months, reaching $3,192. Meanwhile, Dogecoin, initially created as a joke during the 2013 crypto frenzy, reached a three-year high, reflecting the growing mainstream acceptance of digital currencies.
As Bitcoin and other cryptocurrencies soar, the industry’s prospects appear brighter than ever, fueled by the changing political and regulatory landscape in the United States.
