The digital currency market seems to be responding well to Donald Trump"s presidential win, as the top cryptocurrency, Bitcoin, rose by 6.7% over the weekend, breaching the $81,000 mark for the first time. On Monday, Bitcoin went on to touch a new high of $82,300, according to Business Standard.
In contrast to current President Biden"s policies towards cryptocurrencies, President-elect Donald Trump has always shown consistent support for cryptocurrencies and other digital assets. In fact, during the Bitcoin 2024 conference, Trump pledged to make the USA "the crypto capital of the planet" and position Bitcoin as a global superpower.
Not only did Bitcoin see gains, but smaller coins like dogecoin, a meme-coin favored by one of Trump"s elite supporters, Elon Musk, also witnessed some gains. Tech tycoon Elon Musk has reportedly invested around $1.5 billion in Bitcoin in 2021, and he may see further gains to his overall wealth, as some analysts predict that Bitcoin could hit $100,000 under the new government"s favorable conditions.
The popular cryptocurrency, Bitcoin, has seen its highs and lows. In the recent past, Bitcoin has juggled between a range of $50,000 and mid-$70,000, despite favorable events, including the approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) in February and the Bitcoin Halving event in April.
Bitcoin has seen favorable growth, adding 94% year-to-date in 2024. Thanks to the latest boost, it has exceeded the returns from investments such as stocks and gold. Trump also vowed, during his presidential campaign, to create a strategic Bitcoin stockpile, and his agenda of tax cuts and reducing regulatory barriers have fueled a buying spree across stocks, bonds, and crypto.