Bitcoin Passes $93K in Post-Trump Victory Boom

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Facts

  • After reaching a record high of more than $89K on Tuesday, which marked a 30% gain since the Nov. 5 US election, the price of one Bitcoin jumped again on Wednesday to $93K. By Thursday morning, it fell back to around $89.2K.[1][2][3]
  • The recent Bitcoin surge began with a 9% jump following the Nov. 6 early morning election results showing Pres.-elect Donald Trump's victory. The cryptocurrency has risen 38% in ten days, with analysts expecting its value to reach $100K.[4][5]
  • Another cryptocurrency, Dogecoin, reached 41.5 cents as of midday Wednesday, up from 16 cents before the election. Dogecoin's rise follows Trump's announcement that he will create a Department of Government Efficiency, dubbed DOGE.[6]
  • Earlier this week, crypto exchanges and other related firms were also increasing in value, including Coinbase rising by 40% following the election results and another 20% since then, while software company MicroStrategy, which invests heavily in Bitcoin, was up 26%.[7]
  • Cryptocurrencies were outpacing the US stock market early on Monday, including the S&P 500 (up 0.25%), Dow Jones Industrial Average (0.75%), and the tech-focused Nasdaq (0.1%).[8]
  • During the US election, Trump called the US the 'crypto capital of the planet,' and has personal investment in crypto firm World Liberty Financial. Trump has also committed to replacing current Securities and Exchange Commission (SEC) Chair Gary Gensler in his new administration.[9][10]

Sources: [1]Al Jazeera, [2]Guardian (a), [3]CoinMarketCap, [4]New York Post, [5]Coinpedia Fintech News, [6]Newsweek, [7]Guardian (b), [8]ABC News, [9]Newsmax and [10]Reuters.

Narratives

  • Republican narrative, as provided by The Western Journal. Crypto is the currency of freedom-loving Americans, which is why the market has been on Team Trump for months. While Trump uses crypto himself and wants to empower the rest of the country to do so, Harris embodied a left-wing establishment that hates the idea of decentralized currency. The Federal Reserve won't be able to ruin this financial revolution so long as Trump is in charge.
  • Democratic narrative, as provided by Atlantic. Trump's approach to the entire economy is to prioritize short-term gains over long-term stability. Just as his plans to cut taxes and reduce regulations will increase deficits, fuel inflation, and leave everyday consumers at the mercy of corporations, his lax stance on crypto risks opening the door for speculative bubbles and scams. Trump cares about his corporate buddies, not the average American worker.

Predictions