During his election campaign, the president-elect promised to turn the United States into the world's cryptocurrency capital, create a strategic bitcoin reserve and appoint regulators who would support digital assets.
Bitcoin, the most valuable cryptocurrency and benchmark on the market, continued its climb on Monday, thus surpassing the $81,000 mark for the first time, with an appreciation of around 18% since Donald Trump's victory in the White House elections in the United States last Tuesday and 94% so far this year.
The Bitcoin rally in recent sessions, in which it has reached successive historical highs in anticipation of a more favorable position towards cryptocurrencies from the new US Administration, has driven the price of the cryptoasset above $81,800, compared to around $69,400 prior to the first data that pointed to a clear and resounding victory for Donald Trump.
During his election campaign, Trump promised to turn the United States into the world's cryptocurrency capital, create a Bitcoin strategic reserve and appoint regulators who would support digital assets.
Another factor that has fueled the rise of the cryptoasset was the authorization at the beginning of the year of the launch of ETFs or bitcoin cash-exchange-traded funds by the United States Securities and Exchange Commission (SEC), after having rejected more than twenty applications for bitcoin cash funds in previous years.
Despite the decision by the US market regulator, SEC Chairman Gary Gensler did not hesitate to warn that he still did not support bitcoin, reiterating the need for investors to be cautious in the face of the myriad risks associated with the cryptocurrency.
For his part, Eric Demuth, co-founder and CEO of Bitpanda, pointed out after Trump's victory that the rise of bitcoin to a new all-time high is a clear sign of the change that the financial ecosystem is experiencing and considered it likely that in the coming years the cryptocurrency will reach new records.
In his opinion, the outcome of the US elections "will significantly influence the future of the crypto sector" since, regardless of the winner, a more robust regulatory framework for the industry is anticipated.
"We believe a significant portion of the institutional market reduced risk exposure in the run-up to the election and is now re-entering following Trump's victory, creating significant buying pressure; this is likely to continue for some time," Richard Galvin, founder of cryptocurrency investment firm DACM, told Bloomberg.
