Bitcoin Surpasses $100,000 After Trump Wins US Election

On Tuesday, Bitcoin approached the remarkable price of $90,000, buoyed by a wave of optimism following Donald Trump’s election as the new U.S. president. Many investors expect that his administration will be more favorable toward cryptocurrencies, contributing to this surge.

The world’s largest cryptocurrency reached a value of $89,637 in Asia, marking an impressive increase of more than 25% since November 5.

Bitcoin's trading rise parallels the performance of Tesla (TSLA.O), the electric car company led by Elon Musk. Tesla's stocks gained nearly 40% since the election results, as many investors speculate that Trump's allies and interests will prosper during his presidency.

Nick Twidale, the chief market analyst at ATFX Global in Sydney, stated, "This is clearly a Trump-driven rally, as he’s very supportive of the industry, which will likely increase demand for both crypto-related stocks and the cryptocurrencies themselves." He noted that Bitcoin was already nearing its all-time highs when the election results were announced, giving it a clear opportunity to rise even higher.

Donald Trump has openly supported digital assets throughout his campaign, pledging to make the U.S. the "crypto capital of the planet" and even suggesting the creation of a national Bitcoin reserve. While the exact details and timeline of these plans remain uncertain, they have ignited a speculative wave in crypto mining and trading stocks.

Matthew Dibb, the chief investment officer at Astronaut Capital, mentioned, "I think Trump’s win raises the possibility that other countries may start buying Bitcoin in anticipation of the U.S. doing so. It could also create significant opportunities for U.S.-based Bitcoin miners, especially if nationalization possibilities arise."

Following Trump's election, shares of crypto miner Riot Platforms surged nearly 17% on Wall Street, with continued upward momentum in after-hours trading. Other mining companies, such as MARA Holdings (MARA.O) and CleanSpark (CLSK.O), experienced gains of almost 30%.

Furthermore, software firm MicroStrategy (MSTR.O), a prominent Bitcoin investor, disclosed that it spent around $2 billion on Bitcoin from October 31 to November 10. Its stock witnessed a rise of 26%, with additional gains in after-hours trading as well.

The optimism surrounding Bitcoin extended to other smaller tokens, including ether and the once-joke currency dogecoin, both of which registered significant increases.

Crypto investors are also looking forward to potentially reduced regulatory pressure under the chairmanship of Gary Gensler at the U.S. Securities and Exchange Commission, whom Trump has signaled he will replace. In September, Trump even introduced a new crypto enterprise named World Liberty Financial.

Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock, commented, "What we’re witnessing isn’t just a milestone in price, but a signal that the market is warming up to Bitcoin as a more stable and politically favored asset."

Bitcoin, Trump, Election