Bitcoin prices hit an all-time high this weekend, but the rally began shortly after Donald Trump was declared the winner of the 2024 election.
Bitcoin prices hit more than $84,000 on Monday, according to major indexes. That’s up from $68,000 last Tuesday, the day of the U.S. election.
Bitcoin is up over 90% since the beginning of the year, but most of that increase has occurred at the beginning of the year. From March to November, prices are mostly limited to the $50,000 to $70,000 range.
Some have reported that President Trump’s election is a positive sign for the price of Bitcoin and other cryptocurrencies. He promised to tone down the aggressive stance taken by the current leadership of the Securities and Exchange Commission against crypto companies and products deemed potentially harmful to investors.
President Trump has also expressed interest in creating a U.S. Strategic Bitcoin Reserve, and the incoming administration will include Robert F. Kennedy Jr., Elon Musk, and the startups that announced they will adopt Bitcoin last week. There are many crypto-friendly advisors including Vivek Ramaswamy. to his wealth management services.
Investors may also be reacting to concerns that inflation could flare up again under the Trump administration, after months of price increases have subsided at a more subdued pace. Some investors believe that President Trump’s implementation of some of his campaign proposals will ultimately lead to higher prices.
“Inflation is now more likely to accelerate. Tax cuts, immigrant deportations, and tariffs are all likely to drive up spending, wages, and prices of basic goods,” write the authors of a newsletter covering crypto news. Noel Acheson said. , I wrote this weekend. “Putting aside the political implications for a moment (as harsh as they may be), the tailwinds driving crypto and gold are even stronger.”
Other assets in the crypto world are also rising. Shares of Coinbase, the largest U.S. cryptocurrency exchange, were set to rise about 14% on Monday. Robinhood, an app-based trading platform that allows cryptocurrency trading, was also on track to hit an all-time high.
And Dogecoin, the “meme” cryptocurrency that has largely become a speculative vehicle for pure investors, has soared more than 160% over the past month.
