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Just as I called it a few weeks ago, the election was too big to rig. I said the outcome of the election would dictate when we see a new Bitcoin all-time high. My argument was that if Trump won, we would see Bitcoin rise to a six figure price and if Kamala won, BTC would have dumped hard.
But thankfully, pro-Bitcoin Donald Trump swept the election, winning all swing states and the popular vote. His anti-Bitcoin opponent lost in dramatic fashion, and now it’s off to the races for Bitcoin’s price. Even CNBC is reporting on this as the “post-election rally.”
Trump’s proposed policies for Bitcoin has propelled bitcoin’s price upward — it’s now up over 22% since last week. If Trump had lost, the price of BTC would have most likely plummeted due to Harris’ unfavorable policy around Bitcoin and overall horrible policy around financial markets in general — like wanting to tax unrealized gains.
Now, we’re past that, though, and we have a President-elect that is going to champion Bitcoin innovation, support the industry and has pledged to work with congress and the senate to approve and establish a Strategic Bitcoin Reserve. In addition to that, MicoStrategy is raising $42 billion to buy more bitcoin and Bitcoin ETFs are on an accumulation rampage (BlackRock’s ETF did $1 billion in volume in just 35 minutes this morning) — and it feels like no one is selling.
WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
Oh, and on top of all that, Ross Ulbricht is going to be a free man on day one of Trump’s presidency. We are winning on every single front now.
So, thank you President Trump for saving us from the Democrats’ war on Bitcoin, from four more years of their continued attack on this industry and, of course, for bitcoin’s price making new all-time highs (we just hit $85,000! Let’s go!)
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.