Bitcoin soared to an all-time high of more than $84,000 on Monday as hopes for the cryptocurrency continue to rise following President-elect Donald Trump's re-election, with the victory being widely celebrated in the industry.
Bitcoin, the world's largest virtual currency, was traded directly below As of around 12:30 p.m. ET on Monday, it was up 6% to $85,000. This is more than double the value for the same period last year. It traded for about $35,000.
The surge comes nearly a week after Tuesday's general election. The general election voted into office candidates who voted against Trump and other crypto advocates, paving the way for a new era for the industry.
Despite several scandals in Washington that have rocked the digital currency industry's reputation in recent years, digital currencies have received increased attention among members of Congress and some government officials.
The president-elect changed his tone on cryptocurrencies on this year's campaign trail, vowing to end what he called “an illegal and un-American crypto crackdown.”
Faryal Shirzad, chief policy officer at crypto exchange Coinbase, told The Hill last week that the president-elect has a “very ambitious and optimistic position on cryptocurrencies.”
Coinbase stock is more than 20% increase Monday.
The company played a leading role in industry political engagement during this election cycle, contributing $70.5 million to the FairShake Super PAC this season. Last month, the company announced plans to donate an additional $25 million to FairShake in the next cycle.
Industry insiders are hoping for a friendlier approach to cryptocurrencies than the Biden administration, which has faced criticism for its more hardline approach to digital currencies.
Criticism has largely focused on the leadership of Securities and Exchange Commission Chairman Gary Gensler, who Trump has vowed to fire if he returns to office.
His victory over Vice President Harris is largely seen as a victory for the crypto world, with many seeing Gensler as almost certain to be ousted from the position.
Despite promising to “fire” Mr. Gensler;The SEC is an independent federal agency;This means that commissioners are protected from being removed without cause. This reasoning is believed to be based on legal and policy considerations rather than political influence.
President Trump cannot force Gensler to resign as commissioner, but he can appoint a new interim SEC chairman once he takes office in January.CoinDesk reported.
The former president could also nominate new members to the Senate, which flipped to a Republican majority last week, increasing the chances that the nomination will be approved by the Senate.
Trump and his sons also launched a new cryptocurrency platform called World Liberty Financial in September.
Meanwhile, the cryptocurrency industry also celebrated the victory of businessman Sen.-elect Bernie Moreno (R-Ohio), who successfully ousted Sen. Sherrod Brown (D-Ohio). Pro-crypto PACs have spent tens of millions of dollars supporting Moreno.
He has received support from President Trump and has touted his pro-crypto approach, pledging to “protect” digital currencies from regulators and SEC policies that are critical of them.
