FxNews—Bitcoin recently surpassed $80,000 for the first time, coinciding with Donald Trump’s victories in Nevada and Arizona during the U.S. election. These wins gave him a clean sweep of all seven swing states, positioning him as the president-elect and suggesting a more crypto-friendly administration ahead.
Cryptocurrencies Surge Post-Election
According to Bloomberg, Bitcoin’s price increased by up to 2.5% during Asian trading on Monday. This continued its upward trend following Trump’s decisive election win the previous week.
Other cryptocurrencies also experienced significant gains. Ethereum, the second-largest cryptocurrency after Bitcoin, rose 8.9% to reach $3,200 per coin—the highest since August. Meanwhile, Solana‘s value went up by 4.5%.
Although the final results for the House of Representatives are still pending, Republicans are close to taking control. Standard Chartered noted that this could allow the new administration to quickly implement supportive policies for digital assets once they are in office.
The crypto industry views Trump’s election as a positive development for digital currencies. Industry leaders anticipate changes in policies and attitudes from U.S. regulators, especially after a Democratic administration perceived as less friendly toward alternative assets. Last Wednesday, Bitcoin reached an all-time high of over $75,000 when Trump’s White House win became apparent.
Trump Shifts Stance on Bitcoin Boosting Investor Hopes
Investors are optimistic that the Trump administration will promote policies that encourage major U.S. institutions, which have largely stayed out of the crypto market, to participate. Throughout his campaign, Trump praised Bitcoin and even promoted a new venture established by some of his long-time business partners and supported by his sons. This is notable given that he had previously referred to Bitcoin as a “scam” against the U.S. dollar during his earlier presidency.
Binance CEO Hails New Era After Trump Win
Richard Teng, the CEO of Binance—a crypto exchange that faced a $4.3 billion fine last year for money laundering and sanctions violations while its former CEO was jailed—described Trump’s win as the beginning of a “golden era” for the industry.
Brian Armstrong, CEO of Coinbase, another crypto exchange, expressed that the United States is poised to move toward greater economic freedom.
Alex Thorn, head of research at Galaxy Digital, a crypto financial services firm, mentioned that the challenges hindering industry progress over the past four years have lessened. He added that Trump’s close support for digital assets increases the likelihood that the administration will fulfill its pro-crypto promises.
Expert Warns of Trump’s Limited Understanding of Digital Currency
However, David Yermack, a finance professor at New York University’s Stern School of Business, urged caution. He suggested that while Trump made bold promises during the campaign, he may not fully understand digital currency.
Yermack believes that any new administration, even if Harris had won, would have likely regulated the crypto space more intelligently than before.