Bitcoin's Record High: Cryptocurrency Growth Accelerates Following Election

Bitcoin's Unprecedented Surge

Bitcoin jumped to a record high above $84,000 on Monday as cryptocurrency expectations continued to surge following the reelection of President-elect Trump, whose victory is being largely celebrated by the industry.

Bitcoin, the world’s largest cryptocurrency, was trading at just under $85,000, up by six percent, around 12:30 p.m. ET on Monday. This is more than double its value from the same time last year, when it traded at nearly $35,000.

Political Landscape Shifts Towards Crypto

The surge comes nearly a week after Tuesday’s general election, during which Trump and other pro-crypto down-ballot candidates were voted into office, paving the way for a new era in the industry.

Despite several scandals in recent years roiling the industry’s reputation in Washington, digital currencies have increasingly gained prominence among federal lawmakers. The president-elect shifted his tone on crypto during the campaign, pledging to end the so-called “unlawful and unAmerican crypto crackdown.”

Market Reactions

• Coinbase chief policy officer noted the president-elect’s “very ambitious” stance on crypto, with Coinbase's stock rising by more than 20 percent on Monday.
• Coinbase has contributed significantly to pro-crypto political action, totaling $70.5 million in this cycle and planning to give another $25 million.

The Future Under New Leadership

Industry experts anticipate a friendlier approach to crypto than seen under the Biden administration, particularly regarding SEC Chair Gary Gensler, whom Trump has pledged to fire. However, Gensler’s position is secure unless significant justification for removal is provided.

The confirmation of new pro-crypto leadership in the Senate further bolsters optimism within the cryptocurrency sector, heralding a more supportive environment for digital assets moving forward.