The misfortune of one person makes the happiness of others. While the election of Donald Trump in the United States frightens some, others are rubbing their hands. This is the case for crypto investors who are finding hope after a few lean years. The election of Donald Trump has indeed electrified the market: analysts are already predicting that the price of Bitcoin, which reached $75,000, could exceed $80,000 or even $90,000 in the event of confirmation of this political scenario.
This spectacular increase is part of a dynamic that began earlier in the year. In March 2024, the authorization by the American authorities of new investment products linked to Bitcoin (Bitcoin ETF) had already propelled the cryptocurrency to new heights, attracting billions of dollars of institutional investments.
This development marks a significant turning point for Bitcoin, which is trying to leave behind the turbulence of 2022, marked by the resounding collapse of the FTX platform.
When the crypto industry plays politics
Investor enthusiasm is not unfounded. During his campaign, Donald Trump has positioned himself as a strong defender of the crypto industry, promising to make the United States the “world capital of cryptocurrencies”. A commitment that contrasts sharply with the approach of the Biden/Harris administration, which instead envisaged more surveillance of these markets by taking stricter regulatory measures. Some companies in the sector have even relocated their activities outside the United States.
This intersection between politics and cryptocurrencies is not the result of chance. The crypto industry has deployed an unprecedented political influence strategyinvesting colossal sums in the American elections. Super PACs, financed in particular by industry giants Coinbase and Ripple, have mobilized more than $170 million to support pro-cryptocurrency candidates for Congress.
Although these super PACs have not directly involved themselves in the presidential race, iconic figures in the sector have taken a stand. The Winklevoss brothers, founders of the Gemini exchange platform, stood out in particular for their generous contributions to the Trump campaign.
- Bitcoin hits new all-time high above $75,000, driven by Donald Trump’s victory in the US presidential elections
- This increase is also based on a favorable context, marked by the recent introduction of Bitcoin ETFs and Donald Trump’s promises to make the United States the world capital of cryptocurrencies.
- The crypto industry has invested heavily in US politics, with over $170 million in contributions via super PACs
