Bitcoin is on the brink of hitting $90,000, riding a wave of investor enthusiasm over the pro-crypto stance anticipated under President-elect Donald Trump. The world’s leading cryptocurrency surged to an all-time high of $89,637 on Tuesday, extending a rally that began with the U.S. presidential election on November 5.
Since election day, Bitcoin has gained over 30%, driven by investor optimism that Trump’s administration will adopt policies more favorable to the digital currency sector. Trump’s shift in attitude is striking; after previously calling Bitcoin a “scam” and a competitor to the dollar, Trump rebranded himself as a crypto advocate during his re-election campaign.
The president-elect has made bold promises, including plans to turn the U.S. into the "crypto capital of the planet" and replace Gary Gensler, the current SEC chair known for his stringent oversight of crypto markets. Trump’s commitment to the sector was further solidified in September with the launch of his crypto venture, World Liberty Financial.
According to Nick Twidale, chief market analyst at ATFX Global, the rally reflects the market’s belief in Trump’s support for the industry. “This can only mean more demand for both crypto stocks and the currencies themselves,” Twidale noted.
Bitcoin’s Volatile Journey:
While Bitcoin is now close to $90,000, the cryptocurrency has seen its share of price swings. After hitting a previous record of $69,000 in late 2021, Bitcoin fell dramatically to under $16,000 in 2022. Yet, the cryptocurrency has made a strong comeback, rising over 300% since November 2022.
With a new administration that appears open to digital currency innovation, investors are hopeful that Bitcoin’s upward trajectory will continue as the U.S. potentially emerges as a leader in crypto-friendly policies.
