Bitcoin Hits New All-Time High Above $90,000 as Trump Victory Sparks Bull Run

The Nov. 2024 surge in bitcoin's value can be attributed to several factors, each playing a crucial role in driving the cryptocurrency to new heights.

Bitcoin, the world's leading cryptocurrency, has seen a remarkable surge in 2024, fueled by several key events and developments. Among them, the victory of President Trump in the U.S. general election on Nov. 4 has played a pivotal role in driving bitcoin to new price heights.

Throughout his campaign, Trump has consistently voiced his support for cryptocurrency, pledging to make the U.S. "the crypto capital of the planet." At a bitcoin conference in Nashville, Tenn., Trump promised to appoint a cryptocurrency-friendly chairperson to the U.S. Securities and Exchange Commission (SEC) if elected.

The Trump administration's pro-cryptocurrency stance, coupled with the absence of a clear regulatory framework for digital assets, has created an environment where bitcoin and other cryptocurrencies are largely free to operate and benefit from the positive rhetoric.

Moreover, Trump has proposed establishing a bitcoin and cryptocurrency presidential advisory council, which would include pro-cryptocurrency individuals. Taking it a step further, he has stated that he would not allow the U.S. Federal Reserve to create its own digital currency.

In the days following the election, bitcoin's price soared, fueled by optimism over Trump's pro-cryptocurrency stance and the overall market enthusiasm for the Republican victory.

However, it's crucial to note that while Trump's victory and pro-cryptocurrency rhetoric have undoubtedly contributed to bitcoin's price surge, it's an oversimplification to attribute the entire rally solely to this factor.

Other events, such as the SEC's approval of spot bitcoin ETFs and the bitcoin halving event, have also played significant roles in the cryptocurrency's remarkable performance throughout 2024.