Bitcoin’s price hit a record high this weekend, a rally that began shortly after Donald Trump was declared the winner of the 2024 election.
Major indexes showed Bitcoin’s price reaching over $84,000 on Monday. That’s an increase from $68,000 last Tuesday, Election Day in the US
So far, Bitcoin has gained more than 90%, although most of these gains came early in the year. From March to November, the price was usually limited to a range of $50,000 to $70,000.
Trump’s election is being heralded by some as a positive sign for the prices of bitcoin and other cryptocurrencies. He has vowed to quash the current Securities and Exchange Commission’s aggressive stance against cryptocurrency companies and products it considers potentially harmful to investors.
Trump has also expressed interest in creating a strategic US reserve of bitcoin and has many crypto-friendly advisers for his new administration, including Robert F. Kennedy Jr., Elon Musk and Vivek Ramaswamy, an entrepreneur who announced last week that he was integrating bitcoin . in its asset management service.
Investors may also be reacting to fears that inflation will reemerge under Trump after months of price increases occurring at a more moderate pace. Some investors believe that Trump’s push on some of his campaign proposals will ultimately lead to higher prices.
“The likelihood of a rise in inflation just got even higher — tax cuts, immigrant deportations and tariffs are all likely to drive up spending, wages and the price of basic goods,” said Noelle Acheson, author of a cryptocurrency newsletter news. , wrote this weekend. “Leaving aside the political impact of that (it could be harsh), it adds to the tailwind propelling crypto and gold.”
Other assets in the cryptocurrency world are also on the rise. Shares in Coinbase, the largest U.S. cryptocurrency exchange, were expected to rise about 14% on Monday. Robinhood, the app-based trading platform that facilitates crypto trades, is also said to reach an all-time high.
And Dogecoin, a “meme” cryptocurrency that has become primarily a vehicle for pure investor speculation, is up more than 160% in the past month.
This article was originally published on NBCNews.com
