Bitcoin Skyrockets as Investors Speculate on Growth During Trump’s Tenure

On Wednesday, Bitcoin’s value soared past $92,000, with investors betting on a surge in the cryptocurrency market under Donald Trump’s future term.

The leading digital currency hit an all-time high of $92,427 in the New York afternoon market, climbing 5.1 per cent for the day and witnessing a 35 per cent increase since the election on November 5. In the same timeframe, Ether, another prominent digital asset, appreciated by 35 per cent, reaching $3,279.58. Additionally, Dogecoin, a cryptocurrency endorsed by Elon Musk, a staunch supporter of Trump, has surged by 156 per cent to $0.41 since November 5.

Amidst his campaign, Trump committed to establishing the US as the global hub for cryptocurrencies and to amass a significant reserve of bitcoin. Investors anticipate a more accommodating regulatory climate for digital currencies during Trump’s forthcoming tenure, especially after his promise to dismiss Gary Gensler, the SEC Chairman known for his tough stance on crypto enterprises.

MicroStrategy, a key bitcoin investor and software firm, reported purchasing roughly $2 billion in bitcoin between October 31 and November 10. Post-election, Coinbase, the biggest US crypto exchange, saw its shares jump by 58 per cent to roughly $307.

“We should watch for changes in regulations, enhanced institutional engagement, and increased mergers and acquisitions activity in the sector,” stated Carl Szantyr, managing partner at Blockstone Capital, a digital asset hedge fund.

“The evolving political environment could lead to more precise regulations for cryptocurrency assets, and potentially spark major initiatives, such as establishing a national bitcoin reserve and expansion of the mining industry,” Szantyr added.