Bitcoin Surpasses $80000 as Trump Embraces Crypto, Promises Deregulation

Bitcoin reached a new all-time high of over $80,000 on November 11, 2024, driven by optimism following Donald Trump’s U.S. presidential victory. Trump has shifted from skepticism to support for cryptocurrencies, launching a crypto business and proposing a national Bitcoin reserve. Meanwhile, the Biden administration remains cautious, with SEC Chairman Gary Gensler pushing for stricter regulation.

CONTENTS:

• Bitcoin surges, Trump backs crypto.
• Bitcoin hits $80,000, Trump supports.
• Bitcoin hits $80,000, Trump embraces crypto.

Bitcoin Surpasses $80000 as Trump Embraces Crypto, Promises Deregulation

Bitcoin surges, Trump backs crypto

Bitcoin Surpasses $80000 as Trump Embraces Crypto Bitcoin surged to a new high of over $80,000 on November 10, 2024, continuing its strong rise following Donald Trump’s victory in the U.S. presidential election. The cryptocurrency has gained 80% this year, outpacing the S&P 500’s 25.7% increase. This rally has been fueled by growing optimism within the crypto industry, which sees Trump’s win as a positive signal for digital currencies.

Although Trump was initially critical of Bitcoin, he has become a supporter after investing in the sector. In September, he launched World Liberty Financial, a crypto business involving his family. Trump has voiced his belief in the future of crypto, advocating for it to be mined and produced in the U.S. In contrast, the Biden administration has taken a more cautious stance on crypto, with SEC Chairman Gary Gensler pursuing stricter regulation and fraud prevention measures.

Trump has proposed a national bitcoin stockpile, similar to the U.S. strategic petroleum reserve, to safeguard national security by holding digital currencies. Additionally, Elon Musk, a major crypto advocate and Trump supporter, has seen his favored coin, Dogecoin, experience significant gains.

 

Bitcoin hits $80,000, Trump supports

Bitcoin Surpasses $80000 as Trump Embraces Crypto Bitcoin has surpassed $80,000 for the first time, marking a significant milestone as Donald Trump’s victory in the U.S. presidential election and the Republican Party’s near-total control of Congress have positively influenced the digital asset market. This surge comes amid promises from Trump to make the U.S. “the crypto capital of the planet” and to reduce regulations on the cryptocurrency industry, which has sparked optimism among investors.

Bitcoin’s value has risen by over 80% in 2024, and other cryptocurrencies, including Dogecoin—favored by Trump supporter Elon Musk—are also experiencing gains. Trump’s proposed deregulation, including the establishment of a Bitcoin reserve and the removal of SEC Chairman Gary Gensler, is seen as a major factor contributing to the positive market sentiment. Experts believe that deregulation could lead to further price increases, with Bitcoin potentially reaching $100,000.

Despite the optimism, market analysts caution that cryptocurrency is still highly volatile, and large sell-offs could lead to significant losses. Trump’s broader economic agenda, focusing on tax cuts and regulatory reductions, is also driving investment growth. With Republicans in control of both the presidency and potentially both chambers of Congress, Trump’s crypto policies are likely to move forward.

While the future of Bitcoin and other digital assets looks promising, experts advise caution due to the speculative nature of the market. As the Trump administration moves forward with its pro-crypto policies, the coming months will be pivotal in determining whether Bitcoin can sustain its growth or face a downturn due to volatility. The future of the cryptocurrency market is closely tied to these political developments.

 

Bitcoin hits $80,000, Trump embraces crypto

Bitcoin Surpasses $80000 as Trump Embraces Crypto Bitcoin hit a new all-time high of over $80,000 on November 11, 2024, continuing its sharp rise following Donald Trump’s victory in the U.S. presidential election. The cryptocurrency has surged 80% this year, far outpacing the S&P 500’s 25.7% gain. This upward momentum is being driven by optimism in the crypto market, which views Trump’s win as a positive for digital currencies.

While Trump was initially a skeptic of Bitcoin, referring to it as “based on thin air,” he has since embraced the crypto space, especially after launching a crypto business, World Liberty Financial, with his children in September. Trump has expressed strong belief in the industry, calling it “young and growing.”

In contrast, the Biden administration has taken a more critical stance toward crypto, with SEC Chairman Gary Gensler leading efforts to regulate the industry. Gensler has been outspoken about crypto’s risks, including fraud and illegal trading, and has pursued legal actions against major players like Sam Bankman-Fried, the founder of FTX.

Trump has also suggested that cryptocurrencies could “define the future” and proposed creating a national Bitcoin reserve, similar to the U.S. strategic petroleum reserve, to invest in crypto as a national security measure. Trump’s ally, Elon Musk, also a vocal crypto advocate, saw his favorite coin, Dogecoin, rise sharply by over 20% in the wake of these developments.