Bitcoin Surpasses $90,000 Amid Anticipation of Trump Administration Policies
Bitcoin has achieved a significant milestone, crossing the $90,000 threshold for the first time in its history on November 13, 2024. The cryptocurrency reached this landmark at approximately 3:30 p.m. Paris time, peaking at $91,593 before stabilizing around $90,670. This surge in value comes in the wake of Donald Trump's election victory on November 5, which has led to a 30% increase in Bitcoin's price since then.
The cryptocurrency market is optimistic about the potential for more favorable legislation and economic policies under Trump's administration. Unlike his previous term, where he labeled cryptocurrencies as scams, Trump has adopted a pro-crypto stance, even proposing the establishment of a strategic national reserve of bitcoins. This initiative would involve the U.S. government refraining from selling its seized bitcoins, which number around 210,000 and are valued at approximately $19 billion. Analysts suggest that this could increase demand for Bitcoin and enhance its legitimacy as an asset.
Implications of Trump's Policies on Bitcoin and the Crypto Market
In addition to the proposed national reserve, Trump has indicated plans to replace Gary Gensler, the current head of the SEC, whose regulatory approach has been criticized by the cryptocurrency sector. The SEC has recently approved the launch of Bitcoin and Ether ETFs in the U.S., which has broadened access to these digital currencies for a wider audience. Currently, twelve Bitcoin-backed ETFs hold about $94 billion, representing over 5% of the total Bitcoin supply.
The recent price surge is also attributed to the
a technical event that occurs approximately every four years, reducing the supply of new bitcoins and increasing their scarcity. As the cryptocurrency landscape evolves, the combination of Trump's policies and market dynamics could lead to further growth and acceptance of Bitcoin as a mainstream financial asset.
