What's happened
Following Donald Trump's election victory, Bitcoin has surged to new heights, trading at over $93,000. The president-elect's pro-crypto stance is driving market optimism, with expectations for a favorable regulatory environment and potential for Bitcoin to reach $100,000 by year-end.
Why it matters
What the papers say
According to Axios, Bitcoin was trading at $93,005, up over 8% in 24 hours, reflecting a strong market response to Trump's election. The Independent highlights that Trump's promises to end the 'persecution' of the crypto industry have positioned the U.S. as a potential 'bitcoin superpower.' However, some experts, like James Toledano from Unity Wallet, caution that the recent price surge is not solely due to Trump's victory but also a result of broader market trends, including institutional involvement and the recent Bitcoin halving event. This multifaceted rally indicates a complex interplay of political and economic factors driving Bitcoin's price.
How we got here
Bitcoin's recent rally began after Trump's election became apparent on November 5, 2024. His campaign promises included creating a pro-crypto regulatory environment and a federal Bitcoin stockpile, which have fueled investor confidence.
More on these topics
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Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Cynthia Marie Lummis Wiederspahn is an American politician who was the U.S. Representative for Wyoming's at-large congressional district, serving from 2009 to 2017.