Bitcoin Hits All-Time-High of $75,389
The biggest bull run is starting. 2025 will be interesting.
As a Bitcoin enthusiast, witnessing its recent surge past $75,000 has been exhilarating. This milestone, achieved on November 6, 2024, marks a significant chapter in Bitcoin's journey and reflects the dynamic interplay between politics and digital assets.
The catalyst for this unprecedented rise was the U.S. presidential election, where Donald Trump secured a decisive victory. Throughout his campaign, Trump positioned himself as a pro-Bitcoin candidate, pledging to make the U.S. "the bitcoin superpower of the world." His promises to end the industry's perceived "persecution" and to secure more Bitcoin-friendly legislation resonated with many in the Bitcoin community.
In the immediate aftermath of the election, Bitcoin's price rallied more than 7%, reaching an all-time high of $75,389.
The optimism wasn't confined to individual investors. Senior Bitcoin executives welcomed the election outcome, viewing it as an opportunity to shift attitudes toward the industry in Washington. Brian Armstrong, CEO of Coinbase, remarked, "Tonight the Bitcoin voter has spoken decisively. Americans disproportionately care about Bitcoin and want clear rules of the road for digital assets."
This sentiment was echoed by Tyler Winklevoss, co-founder of Gemini, who stated, "We are on the brink of a new American Renaissance. The Bitcoin army is striking!" Such declarations underscore the community's anticipation of a more favorable regulatory environment under the new administration.
The market's response extended beyond digital assets. Bitcoin miners' stocks surged on the prospect of a Trump win, with the Republican candidate having previously vowed to ensure Bitcoin mining takes place in the U.S. Shares in Riot Platforms, Marathon Digital, and Core Scientific jumped 13%, 11%, and 7% respectively in pre-market trading.
Institutional interest also played a role in Bitcoin's ascent. BlackRock's Bitcoin fund saw significant inflows, attracting over $2.4 billion in the past week. Such substantial investments from major financial entities signal a growing acceptance and confidence in digital assets.