Bitcoin rises above $90,000 in first week of Trump's presidency

Bitcoin’s rally simply doesn’t seem to be slowing down; it has catapulted to new heights reaching $93,158 on Wednesday. The world’s leading cryptocurrency has risen 32 per cent since the November 5 U.S. election. Mainly, a Donald Trump presidency is expected to bring a welcome boost to cryptocurrency.

Since the election, the asset that has been talked about the most is Bitcoin, whose price has hit record highs. While that’s the story du jour, smaller cryptos such as ether have also joined the party and are up 37% since election day. Even volatile dogecoin, supported by Trump ally Elon Musk, has gained more than 150%.

The pro-crypto stance of the president, Donald Trump, has emerged as one of the most vital factors behind this crypto boom. In his election campaign, Trump promised to turn the U.S. into the “crypto capital of the planet,” and stated an interest in a national Bitcoin reserve. Since details about such ventures are unclear, speculation ripples throughout. More and more people are showing interest in crypto mining and the stocks associated with cryptos are taking off.

Bitcoin is expected to rise further

Carl Szantyr, managing partner at Blockstone Capital also opined the political landscape could bring about clarity for the regulatory environment for digital assets. He went on to list strategic developments that could progress through this very scenario such as creating a national Bitcoin reserve and further growth in the mining sector.

MicroStrategy, a software company and a major buyer of Bitcoins, reported purchasing approximately $2 billion in Bitcoin from October 31 through November 10, sending the company’s shares to an all-time high. Investors also believe that when Trump is re-elected, he will provide even less scrutiny to the SEC. The SEC had been very aggressive towards crypto in the past.

But with steady growth on the side of Bitcoin, many are keen to see if a lot of regulatory movement and a change in the crypto industry would be there under a potential Trump presidency.”