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Bitcoin surged to nearly $90,000 following Donald Trump’s election, with investors anticipating a crypto-friendly administration. The rally, fueled by hopes for a national bitcoin stockpile and Trump's pro-crypto stance, sent bitcoin to new highs and boosted mining stocks like Riot Platforms and CleanSpark.
Bitcoin Surges Post-Election as Investors Bet on Trump’s Pro-Crypto Policies and Market Growth
On November 12, Bitcoin was hovering above $90,000 due to the excitement surrounding Donald Trump's election as U.S. president and the anticipation that his administration would be crypto-friendly, per Reuters.
In the week following the election, the largest cryptocurrency in the world has become one of the most noticeable movements, reaching $89,637 in Asia, a gain of over 25% since November 5.
As investors predict that Trump's allies and interests will prosper while he is in power, the stock is rising in tandem with Elon Musk's Tesla automobile, which has increased by about 40% since the election results were announced.
"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," said Nick Twidale, chief market analyst at ATFX Global in Sydney.
"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."
During his campaign, Trump embraced digital assets, vowing to build a national bitcoin stockpile and turn the US into the "crypto capital of the planet."
Although unclear how or when that may occur, the prospect sparked a speculative spike in stock trading and cryptocurrency mining.
"I think it increases the chances that other nation states buy bitcoin in a bid to front run the U.S.," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.
"Additionally I think it would be a crazy catalyst for the U.S. listed Bitcoin miners ... given possibilities of such entities getting nationalised."
Crypto Miners and Bitcoin Stocks Surge Following Election, Bolstered by Trump’s Pro-Crypto Stance
Riot Platforms, a cryptocurrency miner, saw a roughly 17% overnight increase on Wall Street and a further increase in after-hours trading. CleanSpark and MARA Holdings, two more miners, increased by around 30%.
MicroStrategy, a software business and bitcoin investor, revealed that between October 31 and November 10, it had purchased around $2 billion worth of bitcoin. Shares increased by 26% and continued to rise in post-hours trading.
The excitement spread throughout the cryptocurrency space, as evidenced by the rise in smaller tokens like ether and even the once-joke currency dogecoin.
Under Gary Gensler, the U.S. Securities and Exchange Commission chair, whom Trump has stated he will replace, cryptocurrency investors see an end to the increasing scrutiny. In September, Trump also introduced World Liberty Financial, a new cryptocurrency company.
"What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favoured, asset," said Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.
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