The price of Bitcoin has skyrocketed after Donald Trump’s stunning victory in the 2024 U.S. presidential election. Bitcoin surged nearly 8%, crossing $75,000 for the first time ever.
Other cryptocurrencies followed Bitcoin’s lead, with Ethereum rallying 8% and Dogecoin—Elon Musk’s favorite cryptocurrency—soaring by 18%. The stock price of crypto-related companies also increased- Coinbase jumped 17%, and Tesla, saw its shares rise 14%.
How did Trump win the election?
Trump’s comeback wasn’t just about crypto, though. His campaign managed to flip key states like Florida, Georgia, Pennsylvania, and Arizona. These swing states had been fiercely contested, but Trump’s improved performance, particularly in cities like Miami, New York, and Chicago, helped him close the gap with large Democratic strongholds.
Pennsylvania was considered a must-win for Trump, and he didn’t disappoint, securing the state by a significant margin. In Georgia, where Biden had narrowly won in 2020, Trump made significant gains, defeating Harris by more than 100,000 votes.
His voter base remained largely consistent with previous years, with strong support among older white voters, rural communities, and working-class individuals. However, in a twist, Trump also gained traction with a growing segment of younger voters and minority groups who were drawn to his economic promises, including making the U.S. a “Bitcoin superpower.”
Why Is Bitcoin Going Up?
There are several reasons why Bitcoin saw such a massive rise after Trump’s win:
- Pro-Crypto Policies: Throughout his campaign, Trump made it clear that he wanted to turn the U.S. into a Bitcoin and crypto superpower. Trump even suggested firing Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), who has been a thorn in the side of many crypto companies.
- The Elon Musk Factor: Trump has also said that he plans to put Elon Musk in charge of a governmental waste audit. Musk, who has long been a supporter of cryptocurrencies, is one of the most influential figures in the space. His company, Tesla, famously invested $1.5 billion in Bitcoin in 2021.
- Strategic Bitcoin Reserve: Ryan Lee, Chief Analyst at Bitget, pointed out that another reason for Bitcoin’s rise is Trump’s promise to create a “strategic Bitcoin reserve” for the U.S. This would not only solidify Bitcoin’s role in the global financial system but also increase its demand, which could drive up the price even further.
- Market Sentiment and Speculation: As election night unfolded, betting markets like Polymarket saw a surge in activity, with traders backing Trump’s victory. This growing confidence in Trump’s win further boosted Bitcoin prices, as the market anticipated that his administration would be favorable to cryptocurrencies .
What’s Next for Bitcoin?
With Trump back in the White House, the future looks bright for Bitcoin and the broader cryptocurrency market. His commitment to crypto-friendly policies, the potential shake-up at the SEC, and Elon Musk’s increased political role are all factors driving market optimism. Investors are eagerly watching for more details on Trump’s plans to boost the U.S. crypto economy.
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