Reason why Bitcoin hit $89,000 milestone so rapidly following election results
With Donald Trump's promises to make 'Make America First in AI,' it's no surprise that the tech industry has boomed following the 2024 American election.
While there are worries about what will happen after he takes the training wheels off artificial intelligence, the Trump administration is looking toward a prosperous four years for tech bros.
We've already seen the ramifications of his win against Kamala Harris, with Bitcoin hitting a record-breaking new high and the 10 richest people in the world seeing their net worth boom by over $64 billion since the polls closed.
Bitcoin has continued to climb, and after hitting $81,000 just days ago, it's already reached $89,000.
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On November 12, Bitcoin reached $89,504.66, and apparently, you've got President-elect Donald Trump to thank.
Although Trump once said Bitcoin was 'based on thin air,' he then embraced cryptocurrency and even became the first presidential candidate to use Bitcoin to pay for goods - buying a burger in September 2024.
His renewed interest in crypto comes in the wake of launching his World Liberty Financial crypto platform (also in September). When unveiling it to the world, he said: "It's very young and very growing...I do believe in it."
It's in contrast to the Biden administration, with Securities and Exchange Commission Chairman Gary Gensler saying the cryptocurrency industry is 'ripe with fraud, scams and abuses.' Unfortunately for Gensler, Trump has said one of his first acts will be to fire him.
Despite being the oldest and biggest cryptocurrency, Bitcoin has since been joined by upstarts like Ethereum, Tether, and Dogecoin.
Firmly by Trump's side is X CEO Elon Musk, who's seen his favorite currency Dogecoin also soar by 20% since the election.
Trump has said that crypto will 'define the future,' and pushing his America first mentality, says he wants it, "Mined, minted, and made in the USA."
Edul Patel, CEO and co-founder of global crypto investment platform Mudrex, thinks this is a sign of things to come, adding: "We have seen Bitcoin surge to an all-time high following Trump's victory in the US election because he has consistently supported this asset class."
Bitcoin supporters point out that it's been less volatile than Tesla stock in the past year, suggesting that people will continue to invest there. We still need to warn you that it's obviously a risk to invest in crypto.
There's speculation that Bitcoin could fly past $100,000 before the end of 2024, and once Trump is officially back in the White House in January, who knows where the limit will be? Then again, with Trump vowing to make America the crypto capital of the planet, many expected things to go this way.