- Bitcoin struck $80,000 following Trump’s win, showing substantial economic growth and consumer confidence.
- Institutional enthusiasm in Bitcoin has grown, boosting its value with new policies supporting crypto.
- Trump’s new crypto-friendly policies are increasing Bitcoin’s appeal among investors and businesses.
Bitcoin surged to a historic high of $80,116 on November 10, shortly after his win again. The crypto rose nearly 4.5%, marking its highest inflation-adjusted value. Ethereum, Dogecoin, and Cardano also saw essential gains, following BTC’s lead.
Trump’s Pro-Crypto Policies Spark Market Rally
Trump’s reelection triggered a boost in the digital asset sector as he pledged to make the U.S. a leader in the crypto space. He proposed creating a strategic Bitcoin fund and appointing pro-crypto regulators. These promises excited investors, and since his victory on November 6, the token has increased by 15.65%, aiming for its best weekly performance since February.
Additionally, Donald’s shift in attitude toward Bitcoin has been noticeable. In 2021, he called digital assets a “scam,” but during his campaign, he welcomed BTC as a way to counter the U.S. Securities and Exchange Commission’s enforcement approach. His new stance aims to make the U.S. the “crypto capital of the planet” by supporting the startup sector’s growth.
Government Concern Pushes Bitcoin’s Worth Up
BTC’s growing value is also fueled by increased interest from institutional investors. The approval of Bitcoin exchange-traded funds earlier this year allowed institutions to invest in Bitcoin more easily. ETFs give both individual and commercial entrepreneurs a legal way to gain exposure to the token without buying it directly. Furthermore, the Federal Reserve’s recent rate reduction of 25 basis points in November also played a role in Bitcoin’s rise.
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Trump’s Cryptocurrency Ventures and Challenges
Trump’s campaign has been actively involved in cryptocurrency. It began accepting donations via Coinbase in May, and in September, Trump launched his digital currency platform, World Liberty Financial. However, the platform faced challenges as only a small portion of its tokens were sold. Despite these difficulties, Trump remains committed to supporting the crypto industry, and his efforts indicate a change in U.S. policy toward digital currencies.
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