Bitcoin surged past $81,000 for the first time, fueled by President-elect Donald Trump’s pro-crypto stance and the likelihood of a Congress with supportive lawmakers.
Trump’s win has sparked optimism in the digital-asset sector, which spent over $100 million supporting crypto-friendly candidates.
Bitcoin saw a sharp 6.1% rise on Sunday, reaching an all-time high of $81,497 by Monday morning in Asia. The rally extended to smaller cryptocurrencies, with Dogecoin, a favorite of Trump ally Elon Musk, also seeing gains.
Throughout his campaign, Trump promised to position the U.S. at the center of the digital-asset industry, proposing initiatives like a strategic Bitcoin reserve and appointing pro-crypto regulators.
In 2024, Bitcoin has gained 92%, driven by rising interest in U.S. ETFs and rate cuts by the Federal Reserve. BlackRock’s iShares Bitcoin Trust saw a record $1.4 billion in daily inflows, underscoring market enthusiasm.
Trump’s pro-crypto policies stand in stark contrast to the Biden administration’s more restrictive approach. Under Biden, the Securities and Exchange Commission (SEC), led by Gary Gensler, has cracked down on the crypto industry, citing concerns over fraud and misconduct—particularly following high-profile collapses like Sam Bankman-Fried’s FTX exchange.