Bota Posted on 2024-11-20 10:58:00

Bitcoin Hits Record $90,000 - US Presidential Election Euphoria Continues

From Dorian Koça

Bitcoin Hits Record $90,000 - US Presidential Election Euphoria Continues

Bitcoin traded near the $90,000 mark on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations that his administration will be cryptocurrency-friendly. The world's largest cryptocurrency bitcoin has become one of the most attractive in the week since the election and reached $89,982, a gain of about 30% since November 5.

Bitcoin is rising along with Elon Musk's Tesla car company, which is up nearly 40% since the vote results, as investors feel that Trump's friends and interests will fare well while he is in office.

Trump embraced the digital asset during his campaign, promising to make the United States the "crypto capital of the planet" and to amass a national bitcoin reserve.

It is not clear how and when this might happen, but the possibility caused a speculative surge in crypto mining and trading. Software company and bitcoin investor MicroStrategy announced that it had spent about $2 billion to buy bitcoins between October 31st and November 10th.

Euphoria extended across the landscape of smaller cryptos such as ether and growing dogecoin, although they fell on Tuesday morning in Europe. Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chairman Gary Gensler, whom Trump has said he will replace.

Trump also unveiled a new crypto business, World Liberty Financial, in September.

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