Since last week’s election, the leading cryptocurrency, Bitcoin (BTC=), has seen dramatic increases, reaching an unprecedented high of $91,110. It was recently trading up 3% at $91,016, reflecting a 32% surge since November 5th.
Its smaller counterpart, Ethereum (ETH=), has also experienced a significant uptick, rising 37% since the election. Meanwhile, Dogecoin (DOGE=KRKN), favored by billionaire and Trump supporter Elon Musk, has jumped over 150% as enthusiasm for Bitcoin spreads throughout the cryptocurrency sector.
During his campaign, Trump voiced strong support for digital currencies, aiming to transform the United States into the “crypto capital of the world” and proposing to build a national Bitcoin reserve.
While the specifics of how or when this would be implemented remain vague, the mere possibility has fueled a wave of speculation in cryptocurrency mining and trading ventures.
MicroStrategy (MSTR.O), a major software firm and Bitcoin investor, disclosed that it had invested approximately $2 billion in Bitcoin between October 31 and November 10. The company’s shares reached a record high on Tuesday.
Cryptocurrency enthusiasts are optimistic about a potential decrease in scrutiny from the U.S. Securities and Exchange Commission under a Trump administration, as Trump has indicated plans to replace SEC Chair Gary Gensler. Additionally, in September, Trump launched a new cryptocurrency venture, World Liberty Financial.
Carl Szantyr, managing partner at Blockstone Capital, a digital asset hedge fund, highlighted, “Key areas to watch include possible regulatory adjustments, increased engagement from institutional investors, and a boost in merger and acquisition activities.”
“The shift in political power could lead to more transparent regulations for cryptocurrencies and might drive strategic initiatives such as establishing a national Bitcoin reserve and expanding the mining industry,” Szantyr added.
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.
