Bitcoin has soared to a record high of $100,000 following the US presidential election, buoyed by optimism surrounding President-elect Donald Trump’s pro-cryptocurrency stance. The surge, which began shortly after the election, marks a significant milestone for the digital asset market and has prompted widespread excitement among cryptocurrency enthusiasts.
The cryptocurrency’s sharp rise from $69,000 just before the election underscores growing investor confidence in Trump’s campaign promise to make the US the “crypto capital of the planet.” Trump even floated the idea of using cryptocurrency to address the national debt, further energizing the market.
“During the campaign, Trump promised many policy changes in the US that will be favorable for Bitcoin and crypto assets in general. We have already seen the impact of this, driving Bitcoin prices to all-time highs,” said Nirun Fuwattananukul, chief executive of Gulf Binance, a joint venture between Gulf Energy Development and Binance, the world’s largest crypto exchange.
Regulatory Shift Anticipated
The president-elect’s incoming administration, backed by a Republican majority in both the Senate and the House, is expected to pave the way for more favorable cryptocurrency policies. Trump’s advisors, including prominent Bitcoin proponents Elon Musk and Robert F. Kennedy Jr., are expected to influence the administration’s approach.
“This means he can drive his campaign policy very effectively,” said Nirun. “New regulations, if they happen, will make Bitcoin even more mainstream. I believe Bitcoin will become a mainstream investment asset, similar to gold or silver, in the future.”
Nirun highlighted that innovation and supportive policies would drive the broader adoption of digital assets. He added, “With supportive US policy and more capital returning to the US, we will see more innovation in this space, with new applications and use cases driving crypto assets to become more mainstream in the future.”
The anticipated departure of SEC chair Gary Gensler, who has taken a hardline stance on cryptocurrencies, has also fueled optimism. Trump has already announced plans to nominate Paul Atkins, a well-known cryptocurrency advocate, to head the SEC. Atkins’ appointment is expected to ease regulatory hurdles for the industry.
Stablecoins and Innovation on the Rise
Jeremy Allaire, CEO of Circle, which issues the USDC stablecoin, expressed optimism about the sector’s growth potential, noting that the next 12 months could be a turning point for stablecoin adoption. With a market currently valued at $170 billion, stablecoins are poised to play a critical role in the global financial system.
“The next 12 months is a pretty big inflection point for stablecoins,” Allaire said, adding that supportive regulatory frameworks could accelerate the use of programmable money, reshaping the financial landscape.
Looking Ahead to 2025
Experts predict that 2025 could bring the largest bull run in cryptocurrency history, fueled by clear regulations and the adoption of decentralized finance (DeFi). Alex Svanevik, CEO of analytics platform Nansen, said, “Better infrastructure, easier user experience, and lower transaction fees will make the journey on-chain better for newcomers.”
With institutional capital expected to flow into DeFi platforms and growing innovation in blockchain technologies, the crypto industry is poised for unprecedented growth under Trump’s administration. As the world watches, the US is set to shape the future of digital assets on a global scale.