Bitcoin Reaches Record $80,000—Boosted By Trump’s Win

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WEST PALM BEACH, FL - NOVEMBER 6: Republican presidential candi

President-elect Donald Trump addresses the crowd during an election night party at the Palm Beach County Convention Center in West Palm Beach, Florida on November 6, 2024

The price of bitcoin reached a record high Sunday, continuing its post-election surge as President-elect Donald Trump has promised to bolster the industry.


Key Facts

Bitcoin climbed 8% Sunday to just above $80,000, before dropping slightly, breaking its election night record of $75,000, which topped a previous high of $73,800 in March.

Other tokens and shares of crypto firms have also surged: Cryptocurrencies ethereum and dogecoin have spiked since the election, along with shares of Coinbase, Robinhood Markets and Microstrategy.

Trump is expected to usher in a new wave of crypto-friendly policies with ease after Republicans flipped control of the Senate Tuesday and are on the brink of maintaining their majority in the House.

Bitcoin was widely expected to enjoy a post-election boost if Trump won, with Standard Chartered analyst Geoff Kendrick predicting last month it will reach $125,000 by the end of the year.

Key Background

Trump has embraced the crypto industry as a counter to the Securities and Exchange Commission’s stricter regulatory approach under President Joe Biden, vowing to make the U.S. the “crypto capital of the planet.” Trump’s pro-crypto stance marks a reverse course from his previous skepticism of the industry, which he called a “scam” and a disaster waiting to happen in 2021. Trump has vowed “to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he told an audience at a bitcoin conference in Nashville in July, and he has repeatedly promised to “fire” SEC Chairman Gary Gensler, who has taken more than 100 regulatory actions against crypto during his tenure, according to CNBC. Trump earned endorsements from crypto leaders, including billionaires Marc Andreessen, Cameron Winklevoss and Tyler Winklevoss, while Vice President-elect, Sen. JD Vance, R-Ohio, is a longtime bitcoin investor. Trump and his campaign have also personally invested in digital currency—Trump’s joint fundraising committee began accepting donations via Coinbase in May, and he debuted his own family cryptocurrency platform, World Liberty Financial, in September.

Tangent

The crypto industry was the largest corporate donor in the 2024 election cycle, according to a report by the progressive consumer advocacy group, Public Citizen, which found donations from the industry accounted for 44% of all corporate money contributed as of August. The vast majority of the money was funneled through the super PAC Fairshake and two affiliated super PACs, Defend American Jobs, which backs Republicans, and the pro-Democrat Protect Progress. The groups—financed primarily by crypto companies Coinbase and Ripple—spent a combined $135 million supporting industry-friendly candidates in federal races, according to The New York Times. The investment appears to have paid off: as of Sunday, 268 pro-crypto candidates had been elected to the House and 19 in the Senate, according to the non-profit, Stand With Crypto, compared to 122 newly elected House members and 12 senators it deems “anti-crypto.”

 

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