Bitcoin Hits Record $94,000, Eyes $100k After Trump Victory

Bitcoin continues to shatter records, soaring to a new all-time high of $94,000 following President-elect Donald Trump’s election victory and his appointment of Howard Lutnick as Secretary of Commerce. The largest cryptocurrency has doubled in value since the start of 2024, fueled by growing optimism surrounding pro-cryptocurrency policies and leadership.

Bitcoin’s Meteoric Rise

• Election Night Surge: Bitcoin jumped from $68,000 to $74,000 on election night as Trump secured victory over Vice President Kamala Harris.

• Post-Election Momentum: Within eight days, Bitcoin skyrocketed to $90,000, driven by bullish sentiment among investors anticipating a crypto-friendly administration.

• Current Price: At $94,000, Bitcoin is now poised to hit the highly anticipated $100,000 milestone, marking a 113% increase since January 1, 2024, when it traded at just over $44,000.

Howard Lutnick, CEO of Cantor Fitzgerald and Trump’s nominee for Secretary of Commerce, has long championed Bitcoin. At the Bitcoin Conference in Nashville earlier this year, Lutnick described the cryptocurrency as “like gold” and advocated for its global free trade.

Lutnick’s deep ties to the cryptocurrency market further bolster investor confidence. The billionaire has publicly disclosed significant personal exposure to Bitcoin, stating that his holdings are in the “hundreds of millions” and could eventually reach “billions.”

The appointment of Lutnick is the latest signal of Trump’s favorable stance on cryptocurrency. Trump recently met with Coinbase CEO Brian Armstrong to discuss additional personnel appointments, signaling that cryptocurrency could play a significant role in his economic agenda.

This comes as the cryptocurrency industry flexes its political muscle, with companies spending $160 million during the election to support candidates favorable to the sector.

Bitcoin’s rally has sparked gains in other cryptocurrencies as well:

• Solana: Climbed from $160 on election day to a recent high of $247, a 64% increase in under two weeks.

• Corporate Adoption: Increased interest from major corporations in integrating cryptocurrency payments and investment strategies has added further fuel to the market’s bullish momentum.

With investor enthusiasm surging and policy shifts favoring cryptocurrency on the horizon, Bitcoin’s path to $100,000 seems increasingly plausible. Increased adoption, corporate interest, and a regulatory environment led by pro-Bitcoin advocates like Lutnick could propel the cryptocurrency to new heights.

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