Bitcoin surged past the $93,000 mark on Wednesday, reaching an all-time high as investors rallied behind the cryptocurrency following U.S. president-elect Donald Trump’s promises to ease regulations around digital assets. The price of Bitcoin has spiked over 30% since Trump’s election win last week, with cryptocurrency enthusiasts anticipating a more favorable environment for digital assets under his administration.
During his campaign, Trump pledged to position the United States as the “bitcoin and cryptocurrency capital of the world,” a statement that appears to have stoked enthusiasm among crypto investors. Market analyst Alexander Londono from ActivTrades noted, “The main catalyst for the recent surge in the price of Bitcoin is the victory of Donald Trump.” He added that the rally is driven by “emotions and future expectations,” though he cautioned that these expectations may not fully materialize.
Other digital assets, such as Dogecoin, have also seen price jumps. Dogecoin, frequently backed by Tesla CEO Elon Musk, has benefited from Musk’s new role in Trump’s administration. On Tuesday, Trump announced Musk would head a government-efficiency group aimed at cutting federal waste. The billionaire reportedly spent over $100 million supporting Trump’s campaign and used his social media platform X to boost Trump’s candidacy.
Analysts believe Trump’s pro-business stance could encourage further investment in digital currencies. The last time he served as president, Trump’s tax cuts and deregulatory policies contributed to increased market liquidity, fueling a broader interest in cryptocurrencies.
Trump’s involvement in the crypto space includes his recent venture, World Liberty Financial, launched in September alongside his sons and several entrepreneurs. Despite an initially lukewarm sales launch, Trump made headlines when he became the first former president to use Bitcoin in a transaction, purchasing burgers at a New York City restaurant in what was hailed as a “historic transaction.”
Bitcoin, created in 2008 under the pseudonym Satoshi Nakamoto, has a reputation for volatility. The currency is “mined” by powerful computers that validate blockchain transactions, rewarding miners with Bitcoin. Though the cryptocurrency market is accustomed to dramatic swings, the recent surge suggests that Trump’s supportive stance could provide unprecedented momentum.
Independent market analyst Stephen Innes described the rally as part of a “broader surge across cryptocurrencies,” igniting “waves of excitement and speculation” in global markets. As the crypto community watches for further policy announcements, analysts believe Trump’s presidency could mark a transformative era for digital currencies.