Bitcoin Skyrockets to Record High of Over $80,000, Riding the Wave of President-elect Donald Trump’s Promise to Invigorate the Industry

This comes after Trump’s election victory, where he pledged to transform the U.S. into the ‘crypto capital of the planet.’

Bitcoin soared to a record high of over $80,000 on Sunday, riding a wave of enthusiasm following President-elect Donald Trump’s pledge to revitalize the crypto industry.

The digital currency surged 8% to just over $80,000 on Sunday, breaking its previous record of $75,000 set on election night. It also surpassed a previous high of $73,800 hit in March.

Trump’s victory appears to be the catalyst for this historic surge in Bitcoin value. Standard Chartered analyst Geoff Kendrick predicted last month that Bitcoin could reach $125,000 by year-end.

The President-elect’s pro-crypto stance marks a significant shift from his previous skepticism of the industry, which he once called a "scam" and a disaster waiting to happen in 2021. Now, Trump has pledged to make the U.S. the "crypto capital of the planet."

He has also promised to keep "100% of all the Bitcoin the U.S. government currently holds or acquires into the future." Trump has been critical of SEC Chairman Gary Gensler, who took over 100 regulatory actions against crypto during his tenure.

This new direction in policy has found support from industry leaders like billionaires Marc Andreessen, Cameron Winklevoss, and Tyler Winklevoss. Vice President-elect Sen. JD Vance of Ohio is also a long-time Bitcoin investor.

In fact, Trump and his campaign personally invested in digital currencies. Trump’s fundraising committee started accepting donations via Coinbase in May, and he launched his own family cryptocurrency platform, World Liberty Financial, in September.

The crypto industry was the largest corporate donor in the 2024 election cycle. According to Public Citizen, a progressive consumer advocacy group, 44% of all corporate money contributed came from the crypto industry as of August. Most of the donations went to super PACs, primarily funded by crypto companies Coinbase and Ripple.

These collective efforts seem to have paid off. As of Sunday, 268 pro-crypto candidates were elected to the House of Representatives and 19 to the Senate. This compares to 122 newly elected House members and 12 senators who were deemed "anti-crypto."

The surge in Bitcoin value and the broader crypto market following Trump’s election victory highlights the crucial role political leadership can play in shaping market dynamics. There appears to be a direct correlation between Trump’s pro-crypto stance and the bullish trend in the crypto market.

This is not merely a price hike; it signals a potential paradigm shift in how the U.S. government approaches digital currency, a factor that could have far-reaching implications for the global crypto industry.

Given his past skepticism, Trump’s turnabout may come as a surprise. However, it reflects a broader trend among world leaders to recognize the potential of digital currencies. Trump’s pledge to transform the U.S. into the "crypto capital of the world" carries significant weight, considering America’s influence on global economic policies.

Another key point is Trump’s commitment to retain 100% of all Bitcoin held or acquired by the U.S. government. This indicates that digital currencies could become an integral part of national reserves, which traditionally consist of gold and foreign currencies. If other nations follow suit, it could significantly boost global demand for cryptocurrencies and further enhance their legitimacy.