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Bitcoin soared to a new record high on Monday, beating expectations as it reached $81,899 post-election.
The immediate aftermath of an election can be turbulent, but crypto has soared. Bitcoin has more than doubled since its low of $38,505 earlier in the year.
On Sunday (November 10) Bitcoin was trading near $80,000 before it reached even higher on Monday – the first time it has been over $80,000.
The upward momentum comes after Republican Donald Trump won the 2024 presidential election which will see him be sworn into office on January 20, 2025.
The businessman has been extremely vocal about his support for the cryptocurrency industry throughout his campaign, during which he said “if you’re for crypto, you better vote for Trump.”
He has also promised to make the US the ‘crypto capital’ and was often referred to as the ‘crypto candidate.’
Crypto industry insider declared election result as being a ‘huge win’
In mid-October, it was announced that a political action committee (PAC) had donated a mixture of cryptocurrency to support the business mogul’s presidential bid, with around $7.5 million having been raised. This included Bitcoin, Ether, XRP, Tether and USDC.
Shortly after the win, the CEO of the cryptocurrency exchange platform Coinbase, Brian Armstrong, declared the result as being a “huge win for crypto.”
In an article published on the social media platform X, Armstrong said: “Finally, crypto is here to stay from a policy POV, and we’re going to keep showing up until we see sensible legislation passed which protects consumers, and the industry, from future attacks. We are going to see this industry be built in America.”
He suggested the next congress will be the most “pro-crypto congress ever…”
It is not yet known what the possible legislation will look like under Donald Trump, but other Republicans have also shared their support for the industry. Trump’s running mate, JD Vance, was reported to own Bitcoin himself and he has previously spoken about the industry on X.
Featured Image: AI-generated via Ideogram
