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Bitcoin has reached an all-time high following the reelection of President-elect Donald Trump, whose pro-crypto stance has sparked optimism in the cryptocurrency market.
What’s the deal: As of the posting of this news article, Bitcoin hit an all-time high of over $84,000, reflecting a 6% jump since last week’s election and more than double its value from the same period last year when it traded around $35,000. This surge has sparked a broader rally across the cryptocurrency market, with Coinbase, the largest US crypto exchange, seeing its stock climb over 20% on Monday.
Dogecoin, the meme-inspired cryptocurrency, has experienced a dramatic 160% increase over the past month, further highlighting the momentum in the crypto space.
The Trump stance on crypto: President-elect Trump has publicly backed cryptocurrency, positioning himself as one of the most supportive voices for the industry and contrasting starkly with the Biden administration’s cautious approach. During his recent campaign, Trump vowed to ending what he describes as an “unlawful and unAmerican crypto crackdown” and creating a friendlier regulatory environment for digital assets.
Similarly, Vice President-elect Vance has expressed strong pro-crypto sentiments, advocating for policies that protect the industry from restrictive oversight and promoting digital currency as a part of future financial growth. Notably, Vance disclosed in a 2022 financial disclosure that he owns Bitcoin valued between $100,001 and $250,000.
How the Biden administration takes on crypto: The Biden administration has maintained a cautious and often critical stance toward the cryptocurrency industry. Under the leadership of SEC Chair Gary Gensler, the SEC has ramped up enforcement actions against crypto firms, arguing that many digital assets and exchanges operate in regulatory gray areas and pose risks to investors. A notable example is the SEC’s lawsuit against Ripple Labs, the company behind the XRP cryptocurrency, which the SEC alleges conducted an unregistered securities offering.
