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Bitcoin Soars Past $80K After Trump’s Crypto-Friendly Win

Daniel Kim Views  

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Bitcoin surged past the $80,000 mark following former President Donald Trump’s election victory, fueled by a campaign that positioned him as a champion of digital assets. With a potential Republican sweep looming, investors and market analysts are keenly focused on the possible easing of cryptocurrency regulations under Trump’s administration next year, a shift that could benefit altcoins like Ethereum.

On Sunday, the leading US cryptocurrency exchange, Coinbase, reported that Bitcoin surpassed $80,000, setting a new all-time high. This surge is attributed to President-elect Trump’s strong commitment to maintaining America’s leadership in the digital asset industry.

During his campaign, Trump branded himself as the “cryptocurrency president,” promising to support Bitcoin mining and proposing the creation of a “Bitcoin strategic reserve.” Digital assets have become a cornerstone of the “Trump trade,” attracting steady inflows through vehicles such as spot exchange-traded funds (ETFs).

One of Trump’s key proposals is the designation of Bitcoin as a strategic reserve asset, which will be codified through a government-led bill called the “Bitcoin Reserve Act.” The act aims to acquire one million Bitcoins over five years and hold them as a reserve asset for at least two decades. This initiative builds on the “Bitcoin Act” introduced by Senator Cynthia Lummis. Currently, the US government holds 210,000 Bitcoins, representing 1% of the global supply.

James Butterfill, head of research at CoinShares, suggested that the passage of the Bitcoin Reserve Act would mark the beginning of a new era for Bitcoin’s value.

Attention has also turned to the Securities and Exchange Commission (SEC) leadership, given Trump’s stance on easing cryptocurrency regulations. The president nominates the SEC chair for a five-year term, pending Senate approval, and market watchers are speculating that the current chair, Gary Gensler, a known skeptic of cryptocurrencies, will be replaced by someone more aligned with Trump’s deregulatory agenda. A new SEC chair could drive further demand in the crypto market.

This potential shift is particularly favorable for Ethereum, even more so than for Bitcoin. While Bitcoin is primarily seen as a store of value, Ethereum’s more significant potential in decentralized finance aligns more closely with the anticipated regulatory changes under Trump’s administration. While Bitcoin’s price rose about 10% from the day before the election to its recent peak, Ethereum surged over 25% during the same period.

Optimism is growing for other altcoins, which regulatory concerns have constrained. Furthermore, Trump’s election has heightened expectations for approving spot ETFs for digital assets like Solana, further stimulating investor interest.

Hong Seong Wook, an NH Investment & Securities analyst, noted, “As regulatory risks diminish, we expect increased attention on various digital asset companies and altcoins. The likelihood of approving spot ETFs for cryptocurrencies beyond Bitcoin and Ethereum is also increasing.”

“While the approval of US Bitcoin spot ETFs was this year’s landmark event, the market will be closely watching the effects of Trump’s regulatory easing next year,” he added.

Daniel Kim
content@viewusglobal.com

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