Key Takeaways
- Bitcoin hit $80,000 following Trump's election win.
- Trump has proposed creating a national Bitcoin reserve.
- Analysts caution some campaign promises, as they may face legal hurdles.
On November 10, Bitcoin’s price reached a historic $80,071, riding a wave of optimism after Donald Trump’s recent election win.
With Bitcoin’s value climbing 4.83% in the past 24 hours, the cryptocurrency’s market cap now stands at $1.58 trillion.
Trump’s election has spurred expectations of favorable policy changes, including proposed Bitcoin reserves and regulatory adjustments.
Market gains
The Bitcoin price spike adds to an impressive 80% increase this year, with a 15% boost since Trump’s win on November 6.
With Republicans holding a majority, hopes are high for smoother legislative paths on Bitcoin policy.
Binance CEO Richard Teng called Trump’s victory a “golden era” for Bitcoin, while Auros’s Le Shi noted that pro-Bitcoin sentiment has been a catalyst in Bitcoin’s price run-up.
Key promises
During his campaign, Trump committed to changes in digital asset regulation, including creating a Bitcoin reserve and firing SEC Chair Gary Gensler.
However, analysts suggest that some plans, like dismissing Gensler, may face legal barriers due to the SEC’s independent status.
Geoff Kendrick of Standard Chartered adds that creating a national Bitcoin reserve is a “low-probability event.”
Meanwhile, the market remains bullish, with some analysts predicting a $100,000 Bitcoin price if the momentum holds.
