The price of Bitcoin significantly grew over the past two days since Donald Trump was elected the 47th President of the US last Tuesday (5 November).
Bitcoin’s price reached a new all-time high upon Trump’s electoral victory over Kamala Harris, peaking at $76,630 yesterday (7 November).
The world’s largest cryptocurrency began the week with its price fluctuating between $69,400 – $69,946. However, after Trump all but confirmed his win in the late hours of Wednesday morning, Bitcoin’s price jumped by 9% over the following 24 hours.
This may come as no surprise to many crypto enthusiasts as Trump has championed Bitcoin and crypto in many of his campaigning rallies.
The President elect has made bold claims that he intends to make the US the “Bitcoin superpower of the world” and has called for all Bitcoin mining to be held in the US.
Not only did opposite candidates Joe Biden and then Harris have opposing views against crypto, with Biden leading a wider crackdown on crypto companies suggesting they were circulating unregistered securities tokens, but Trump’s stance will more than likely have driven a wave of votes from the US crypto sector.
With Trump set to assume office for a second term in January, Bitcoin is poised to potentially hit the $100,000 mark for the first time ever over the next four years.
The price of the cryptocurrency has already broken its all-time high a few times this year, bolstered by the launch of Bitcoin ETFs last January and the gradual acceptance of crypto payments from large-scale financial institutions.
Crypto companies will also look to benefit from Trump’s pro-crypto stance as it may mean that Securities and Exchange Commission (SEC) Chair Gary Gensler could be removed from his position as he has led the crypto crackdown under Biden’s administration, with Trump even suggesting he would fire Gensler if elected.
Speaking to Payment Expert this week on what Trump’s second term may mean for the US crypto sector, MANSA CEO Mouloukou Sanoh, said: “If Republicans follow through on their promises, this could be a win-win for the DeFi space.
“Their commitment to safeguarding digital asset rights and resisting central bank digital currencies creates a more welcoming environment for blockchain innovation.
“Clear regulatory frameworks would not only protect investors but also encourage broader participation in tokenized real-world assets. For companies like MANSA, this shift enables us to expand our offerings and drive forward the adoption of blockchain technology in transforming traditional asset markets.”
