Bitcoin surpassed 86,000 dollars this Monday morning (11.11.2024) for the first time in its history. The cryptocurrency touched its historic record when previously it reached more than USD 82,000, with the price around 80,400 dollars per unit by Sunday evening.
The dramatic rise followed Donald Trump’s election as president of the United States, driven by prospects of regulatory easing for cryptocurrencies. On Wednesday, it had reached the 75,000 dollar mark, surpassing its March record of over 73,000 dollars. According to Buenbit data, Bitcoin has registered growth of more than 80% against the dollar this year, and 115% in the last 12 months, significantly outperforming the S&P 500‘s 25.7% gain.
During the campaign, Trump committed to turning the United States into “crypto capital of the planet and the Bitcoin is the superpower of the world” with an extremely flexible regulatory framework. Despite initially labeling cryptocurrencies as a “scam” a few years back, Trump’s position evolved dramatically. At the Bitcoin 2024 conference in Nashville, he announced plans to create a “strategic national crypto stockpile” and he said Joe Biden and Kamala Harris are “anti-crypto crusade”. Trump also declared his intention to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, known for his regulatory approach toward digital assets.
Trump’s Business Ventures and Market Impact In August, Trump announced the launch of a cryptocurrency platform called “The DeFiant Ones.” In September, he unveiled World Liberty Financial, a decentralized finance project, alongside his children. The market response was further amplified by support from influential figures like Elon Musk, whose favored “memecoin” Dogecoin rose more than 20% this Sunday.
Similar Posts
Bitcoin’s current market capitalization approaches 1.62 trillion dollars, representing about 55% of the total cryptocurrency market. There are currently 19.8 million bitcoins in circulation, with the final bitcoin scheduled for issuance in 2140, completing a total of 21 million units.
Several factors have contributed to Bitcoin’s rise:
- The Federal Reserve’s interest rate reduction has encouraged investors to seek alternative investments.
- The launch of exchange-traded funds (ETFs) in January 2024 by financial giants BlackRock and Fidelity expanded institutional participation.
- The April 2024 halving event, which reduced Bitcoin’s circulating supply.
Bitcoin’s origin traces back to November 2008, when “Satoshi Nakamoto” introduced a new, decentralized electronic money system. The first 50 Bitcoins were “issued” on January 3, 2009. Nobel Prize winner Robert Shiller notes that Bitcoin as an interesting experiment, it’s not a permanent feature of our lives. As of now when bitcoin is surging beyond $86,000, it will raise several eyebrows.
Crypto.com CEO Kris Marszalek stated, “The future of the crypto world has never looked brighter.” However, experts maintain caution regarding how the new administration will balance crypto momentum with economic stability, particularly given the significant geopolitical situations affecting the global economy.
