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has now hit an all-time high record of $101,000, a symbolic milestone that comes amid a wave of optimism in theWednesday. The new record is a remarkable increase from where the price of bitcoin was before Trump — who has touted himself as a defender of crypto — bested Vice President Kamala Harris to win the presidency.
A day before the election, a single bitcoin was worth about $68,000. The cryptocurrency has provided 47% return on investment in just a matter of days. Zooming out even further, bitcoin has vaulted up 124% in value since the start of the year, and 165% from this time last year.If someone would have invested $5,000 in bitcoin just five years ago as the nascent crypto sector was starting to gain steam, their investment would have increased to $62,500.Trump’s win.
“I would expect to see attempts to kind of roll back at least some of the enforcement actions against crypto, and an attempt to start getting a ball rolling on making new regulation,” Jennifer Schulp, director of financial regulation studies at the Cato Institute, recently told theThere has also been some appetite and anticipation for pro-crypto legislation in Congress.
For instance, Sen. Cynthia Lummis is planning a renewed push for legislation to set up a strategic bitcoin reserve and told theA strategic bitcoin reserve would be a U.S. reserve containing a large amount of the cryptocurrency. Specifically, Lummis’s plan would initiate a bitcoin purchase program with the goal of the United States acquiring a total stake of approximately 5% of total bitcoin supply — 1 million bitcoins, worth almost $100 billion in today’s prices.
Proponents say such a reserve could function as a hedge against inflation and prevent further devaluation of the dollar while maintaining global dominance in financial innovation. Critics, though, pan the idea as a solution in search of a problem and risky, given the volatility and uncertainty surrounding the relatively new asset class.
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