Bitcoin hits record high as Trump promises pro-crypto administration

Top line

Bitcoin's price surpassed $82,000 for the first time early Monday, continuing its post-election bull run as President-elect Donald Trump promised to strengthen the industry while several pro-crypto candidates won elections in the decline.

President-elect Donald Trump has promised to enact cryptocurrency-friendly policies after taking office.

The Washington Post via Getty Images Key Facts

The world's most valuable cryptocurrency hit an all-time high of $82,197 early Monday, up more than 19.5% from last week.

Bitcoin broke the $80,000 mark for the first time on Sunday after a big weekend rally, surpassing the election night high of $75,000.

The price of Ether, the second most valuable crypto token, rose even more than 28.7% over the past week to $3,165.

Other popular crypto tokens, including Dogecoin, Solanas SOL, and Binances BNB, have also increased in value over the past week, with the price of volatile and popular meme coin DOGE increasing by 83%.

The crypto price boom has led to a surge in the share prices of related stocks like Coinbase, whose price has surged 50% in the past five days and is up another 15.6% in trading before trading Monday morning to hit $312.92.

Trump is expected to easily usher in a new wave of crypto-friendly policies after Republicans flipped control of the Senate on Tuesday and are poised to retain their majority in the House.

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How High Could Bitcoin Prices Reach by the End of This Year?

Although estimates vary slightly, most analysts agree that a Trump victory would lead to an explosion in cryptocurrency prices. Bernstein analysts led by Gautam Chhugani said Bitcoin could reach $80,000-$90,000 in the next two months if pro-crypto candidate Trump wins. Last month, Standard Chartered analyst Geoff Kendrick wrote that he expects Bitcoin to hit $125,000 by the end of the year if Trump wins.

Key context

Trump has embraced the crypto industry to counter the Securities and Exchange Commission's tougher regulatory approach under President Joe Biden, pledging to make the United States the crypto capital of the planet. Trump's pro-crypto stance marks a step back from his earlier skepticism of the industry, which he called a scam and a looming disaster in 2021. Trump has vowed to keep 100 % of all bitcoins the US government currently holds or acquires. the future, he said at a Bitcoin conference in Nashville in July, and he has repeatedly promised to fire SEC Chairman Gary Gensler, who has taken more than 100 regulatory actions against cryptography during his tenure, according to CNBC. Trump has gained support from crypto leaders including billionaires Marc Andreessen, Cameron Winklevoss and Tyler Winklevoss, while Vice President-elect Sen. JD Vance, R-Ohio, is a longtime investor in Bitcoin. Trump and his campaign have also personally invested in digital currency. Trump's joint fundraising committee began accepting donations through Coinbase in May, and he launched his own family-owned cryptocurrency platform, World Liberty Financial, in September.

News

The crypto industry was the largest corporate donor during the 2024 election cycle, according to a report from progressive consumer advocacy group Public Citizen, which found that industry donations accounted for 44% of all corporate funds paid in August. The vast majority of the money was funneled through the super PAC Fairshake and two affiliated super PACs, Defend American Jobs, which supports Republicans, and the pro-Democratic Protect Progress. Groups funded primarily by crypto companies Coinbase and Ripple have spent a combined $135 million supporting industry-friendly candidates in federal races, according to the New York Times. The investment appears to have paid off: As of Sunday, 268 pro-crypto candidates had been elected to the House and 19 to the Senate, according to the nonprofit Stand With Crypto, compared to 122 newly elected House members and 12 senators. . he judges anti-crypto.

Tangent

Besides Trump, one of the crypto industry's biggest victories came in the Ohio Senate race, where blockchain entrepreneur and GOP candidate Bernie Moreno defeated incumbent Sen. Sherrod Brown . Brown served as chairman of the Senate Banking Committee and was a vocal opponent of efforts to ease regulations on cryptocurrencies. Coinbase CEO and co-founder Brian Armstrong reacted to the outcome of the Ohio Senate race by tweeting: Being anti-crypto is simply bad policy.

Further reading

Here's Where Analysts Expect Bitcoin Prices to Head Under Harris and Trump (Forbes)

Trump Thought Crypto Was a 'Scam,' Now He's Launching His Own Crypto Platform Run by His Sons (Forbes)

The Trump campaign now accepts cryptocurrency donations (Forbes)

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