Bitcoin Surpasses $100,000 Following Trump's Election Victory

Bitcoin is making headlines as it approaches the $90,000 mark, fueled by a wave of positivity after Donald Trump’s recent election as President of the United States. Many people believe that his administration will be more favorable towards cryptocurrency, which has led to this surge in value.

The world's most significant cryptocurrency has been one of the best performers since the election, reaching a price of $89,637 in Asia—a robust increase of over 25% since November 5.

Bitcoin's price increase closely resembles the performance of Tesla, the car company founded by Elon Musk, which has seen an almost 40% rise in value following the election results. This growth reflects investors' confidence that Trump's business allies will prosper during his tenure.

As noted by Nick Twidale, chief market analyst at ATFX Global in Sydney, "This is clearly a Trump-driven rally, as he’s very supportive of the industry, which will likely increase demand for both crypto-related stocks and the cryptocurrencies themselves." He added that Bitcoin was already close to its all-time highs when the election outcomes were announced, allowing it a clear path for further growth.

Throughout his campaign, Trump has publicly endorsed digital assets, pledging to make the United States the "crypto capital of the planet" and promising to establish a national Bitcoin reserve. While specific details and timelines remain uncertain, this vision has ignited speculative enthusiasm around crypto mining and trading companies.

Matthew Dibb, chief investment officer at cryptocurrency asset management firm Astronaut Capital, shared thoughts on the potential global impact: "I think Trump’s win raises the possibility that other countries may start buying Bitcoin in anticipation of the U.S. doing so. It could also be a massive catalyst for U.S.-listed Bitcoin miners, especially if there's a chance of them being nationalized."

Shares of crypto miner Riot Platforms surged nearly 17% on Wall Street, with continued upward movement in after-hours trading. Other mining firms, such as MARA Holdings and CleanSpark, also reported gains of about 30%.

In a notable move, software company MicroStrategy, a significant investor in Bitcoin, disclosed it had spent approximately $2 billion on bitcoins from October 31 to November 10, causing its shares to spike by 26%, with continued growth in after-hours trading.

The excitement is not just limited to Bitcoin; smaller cryptocurrencies like Ether and even Dogecoin, which was once considered a joke, have seen significant price rises as well.

Investors in the cryptocurrency market are also looking ahead to potentially less regulatory scrutiny, especially with current U.S. Securities and Exchange Commission Chair Gary Gensler expected to be replaced under Trump’s administration. In September, Trump launched a new crypto venture called World Liberty Financial.

As Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock, said, "What we’re witnessing isn’t just a milestone in price, but a signal that the market is warming up to Bitcoin as a more stable and politically favored asset."

Bitcoin, Trump, Cryptocurrency, Market, Investors