Crypto Blasts Through $85,000 All-Time High After Trump Win
November 12, 2024Key Takeaways
- Crypto voters are excited about a second Trump administration as Bitcoin hits new all-time highs over $85,000.
- People cite regulatory clarity, more stable financial markets, and Trump’s promise of a U.S. strategic Bitcoin reserve as reasons for optimism.
- Many also express relief at avoiding a Harris administration which they believe would have imposed stronger crypto regulations and hampered the investment environment.
Our Methodology
Demographics
All Voters
Sample Size
4,000
Geographical Breakdown
National
Time Period
7 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
Trump’s 2024 presidential win is rapidly shifting expectations and realities across many sectors—including cryptocurrency. Crypto markets are surging to new highs, crossing $85,000 for the first time at the start of the week.
BREAKING: $85,000 #Bitcoin NEW ALL TIME HIGH 💥🚀 pic.twitter.com/ZkqhrytriY
— Bitcoin Magazine (@BitcoinMagazine) November 11, 2024
Now, the crypto community is discussing the potential longer-term impacts of a second Trump administration, including market movements, regulation, and a strategic Bitcoin reserve.
You might want to buy Bitcoin. pic.twitter.com/mEjFNOACgm
— Altcoin Daily (@AltcoinDailyio) November 6, 2024
Crypto Voter Reactions
MIG Reports data shows:
- 70% want policies reducing government oversight in financial innovations.
- 65% of crypto voters are optimistic about a Trump administration’s impact on digital assets.
- 60% express hope for clearer regulations that protect rather than restrict crypto.
- 50% criticize legacy media’s portrayal of crypto and its neglect of blockchain’s benefits.
- 55% believe a Harris administration would have introduced unfavorable crypto policies.
Bitcoin Highs and Market Optimism
Almost immediately after Trump’s win, Bitcoin and other cryptocurrencies pumped, spurring discussions around:
- All-time highs: Bitcoin reached multiple new all-time highs following Trump’s victory, mirroring record gains in traditional stock markets.
- Increased trading volume: Trading volumes across major cryptocurrencies surged, reflecting renewed investor interest and perceived market stability.
This price movement isn’t the only reason to be bullish in crypto community—it’s symbolic of future positive movement. Many say the surge signals a political optimism toward decentralized finance, rejecting traditional financial systems which are over-regulated and restrictive.
Trump’s recent history of embracing crypto and making promises the community supports increases market optimism. Crypto voters who supported Trump are eager to see what his administration brings in the way of crypto regulation clarity and preventing a CBDC.
Enthusiasm and Policy Optimism
Beyond price pumps, the tone in the crypto community is optimistic about Trump’s impact on the industry.
Regulatory Relief
Many expect Trump to support less restrictive policies, anticipating an administration that leans into free-market principles. They want:
- Broader institutional adoption of cryptocurrencies.
- Greater regulatory clarity, particularly in navigating securities laws and tax regulations.
- Policy measures that prioritize financial innovation over governmental oversight.
Strategic Bitcoin Reserve
Crypto voters are excited about Trump’s promise to establish a strategic Bitcoin reserve as a safeguard against broader economic uncertainties. They view this as strengthening the U.S. economically and positioning it as a global crypto leader. Many are growing more positive about having J.D. Vance in the administration, considering his history in venture capital and crypto-related tech industries.
Global Relations and Market Confidence
The community voices excitement about Trump’s relationships with foreign leaders, especially with countries like Russia and China. They believe a Trump administration could reduce international tensions, creating a stable environment for investment that directly benefits cryptocurrency markets.
Contrast with Harris
Many are relieved to have avoided a Harris administration, which would likely have leaned toward regulatory intervention. Voters speculate a Harris presidency would have dampened crypto enthusiasm through heavier restrictions and oversight on digital assets.
Overall, crypto voters view Bitcoin’s post-election rise as a financial victory and part of a larger paradigm shift toward decentralized finance. They see crypto assets as increasingly vital in a landscape where traditional financial systems are perceived as vulnerable to external pressures.
Geopolitical and Economic Signals
A bull market in crypto and traditional markets is also influenced by anticipated changes in global dynamics. Investors view Trump’s assertive foreign policy as a stabilizing force—one that fosters economic confidence beyond U.S. borders.
Global Stability Expectations
Trump's win coincides with immediate signals of reduced international tensions. His approach to foreign policy, which prioritizes economic interests, offers a sense of reassurance regarding:
- Dissolving migrant caravans at the border, which voters see as moving toward controlling immigration.
- Potential peace overtures with Russia, China, and the Middle East, likely to stabilize global markets and benefit U.S.-aligned economic interests.
Shift in Energy and Trade Dynamics
Comments in the crypto community suggest energy self-sufficiency and the move away from reliance on adversarial energy sources (e.g., Russian gas) could reinforce economic independence—an essential condition for a flourishing crypto market reliant on stable, decentralized finance.
Projections for Crypto Under Trump
While immediate data points reveal optimism, crypto voters also discuss their future hopes for crypto under Trum:
- Long-term market growth: If Trump’s administration delivers on regulatory relief, crypto investors expect prolonged growth for digital assets, with Bitcoin likely testing new highs. Trump’s anti-establishment stance, combined with crypto’s decentralized appeal, stokes enthusiasm.
- Institutional adoption: With a stable political climate, more traditional financial institutions may enter the crypto space. Banks and investment firms could see Trump’s policies as a green light for incorporating digital assets into portfolios, leading to higher market penetration.
- Global integration: Trump’s foreign policy approach, if it promotes energy independence and stable trade relations, could make the U.S. an appealing hub for crypto. Increased international cooperation could facilitate smoother cross-border crypto transactions, enhancing the legitimacy of digital finance worldwide.