Bitcoin Hits Record $94,700, Eyes $100k After Trump Victory

Bitcoin continues to shatter records, soaring to a new all-time high of $94,700 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

• Incredible Performance: Exactly two years ago, Bitcoin was trading at just $16,000. A year ago, it stood at $35,000. Today, it has reached $94,700, and most experts project it will be deep into the six figures within the next year.

• 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.

Howard Lutnick, CEO of Cantor Fitzgerald and Trump’s nominee for Secretary of Commerce, was an obvious pick for the role. His strong advocacy for Bitcoin not only mirrors Trump’s views but also aligns with the pro-cryptocurrency stance that the administration has championed. At the Bitcoin Conference in Nashville this summer, both Lutnick and Trump showcased their shared belief in Bitcoin’s potential, with Lutnick describing the cryptocurrency as “like gold” and emphasizing its role in global free trade. This is what Trump had to say:

Donald Trump says “#Bitcoin and crypto will skyrocket like never before” if elected president.

“When America is prospering, Bitcoin is soaring.” 🇺🇸🚀 pic.twitter.com/y8uHkurFzM

— Bitcoin Magazine (@BitcoinMagazine) July 28, 2024

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.

With investor enthusiasm surging and policy shifts favoring cryptocurrency on the horizon, Bitcoin’s path to $100,000 and beyond seems inevitable. 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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