Bitcoin Hits Almost $90K in Post-Trump Victory Boom

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Facts

  • After eclipsing $80K for the first time over the weekend, the price of one Bitcoin surpassed $89.6K on Tuesday, marking an over 30% gain in value since the Nov. 5 US election.[1][2]
  • Bitcoin initially jumped 9% last Wednesday following the early morning election results that showed Pres.-elect Donald Trump's victory. Meanwhile, the cryptocurrencies Ether and Dogecoin are up 30% and 90%, respectively, over the past week.[3]
  • Crypto exchange Coinbase rose by 40% following the election results and another 20% since then, while software company MicroStrategy, which invests heavily in Bitcoin, is up 26%.[4]
  • 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%).[5]
  • 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.[6][7]

Sources: [1]Al Jazeera, [2]WSJ, [3]New York Post, [4]The Guardian, [5]ABC News, [6]Newsmax and [7]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 The 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.