Bitcoin’s price reached a historic peak over the weekend, extending a rally that began shortly after President-elect Donald J. Trump’s announcement as the victor of the 2024 presidential election. On Monday, major exchanges listed Bitcoin’s value surpassing $82,000, rising from $68,000 on Election Day. The cryptocurrency’s value has risen over 85 percent since January, although most of these increases occurred in the year’s initial months. Bitcoin’s price mainly fluctuated between $50,000 and $70,000 from March to November.
Many see Trump’s election as a boon for Bitcoin and other digital currencies. The President-elect’s backers and advisors, including Robert F. Kennedy Jr., Elon Musk, and Vivek Ramaswamy, strongly support the cryptocurrency. He has pledged to curtail the Securities and Exchange Commission’s (SEC) efforts to overregulate the sector. He also wants to establish a U.S. strategic Bitcoin reserve.
“This is the steel industry of 100 years ago,” Trump said on the campaign trail, warning that if the U.S. doesn’t step into a leadership role early, China and other countries will step in to fill the gap.
Other assets in the cryptocurrency sector have surged alongside Bitcoin since Trump’s election. Dogecoin jumped over 160 percent in the past month, and analysts anticipate a 14 percent boost in shares for Coinbase, the largest U.S.-based crypto exchange.
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