Bitcoin Surpasses $80,000 Milestone, Driven by Optimism Following the US Presidential Election

The world's largest cryptocurrency saw significant gains in the lead-up to Tuesday's election and continued its ascent after Donald Trump's apparent victory on election night.

Bitcoin hit a new record high on Tuesday, surpassing the $80,000 mark for the first time amid optimism following the US presidential election.

The world’s largest cryptocurrency enjoyed a stellar run in the lead-up to Tuesday’s election and continued its ascent following Donald Trump’s apparent victory on election night.

Currently, Bitcoin is trading just below the $80,000 level, reflecting an impressive 80% increase this year, far outpacing the S&P 500’s 25.7% gain.

The crypto industry sees Trump’s return to the presidency as a positive sign for digital currencies.

Despite previously expressing skepticism about Bitcoin, calling it “based on thin air,” Trump has recently embraced the cryptocurrency sector.

This shift in attitude follows Trump’s establishment of a new crypto venture, World Liberty Financial, with his children in September.

“It’s very young and very growing,” said Trump at the launch of his crypto venture, expressing his belief in the future of cryptocurrency.

In contrast, the Biden administration has taken a more cautious approach to the crypto market.

Securities and Exchange Commission (SEC) Chairman Gary Gensler has described the sector as “ripe with fraud, scams, and abuses,” and the SEC has been actively involved in regulating the industry.

Gensler’s oversight has notably seen legal actions against several crypto companies, including the high-profile case against FTX’s Sam Bankman-Fried.

Despite the regulatory challenges, Gensler did approve a Bitcoin exchange-traded fund, allowing investors to gain exposure to cryptocurrencies in retirement accounts.

However, in January 2024, Gensler’s X account was hacked, leading to false announcements that the long-awaited Bitcoin ETF had launched, briefly boosting cryptocurrency prices.

In other cryptocurrency news, Elon Musk, who is a close Trump ally and a known crypto enthusiast, saw his favored cryptocurrency, Dogecoin, rise over 20% on Sunday, continuing its rally from the previous week.

Trump has outlined his vision for cryptocurrencies, suggesting they could “define the future” and advocating for a strategic national Bitcoin stockpile, similar to the US strategic petroleum reserve, with direct investments in cryptocurrencies as a national security measure.

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