Economics•6 Nov ’24 20:06•Adapted on 6 Nov ’24 21:00 Author: Daphne Stolwijk
From the moment it looked like Donald Trump was going to win the election, the price of bitcoin skyrocketed. Last night the barrier of 75,000 dollars was broken for the first time. “That has been coming for some time,” says Daniël Mol of BNR’s Cryptocast.
Bitcoin through the roof after Trump’s win: ‘Millions invested to make him believe in it’
3 min 16 sec
You now pay around $74,000 for a bitcoin. But other crypto coins are also rising today. “I think this is the final push the crypto market needed to find its way up.”
The record for the bitcoin price could be broken because the market assumes that Trump will keep his promises. He has said that in his first 100 days as president he will create clear regulations for the crypto market – while not losing sight of innovation.
In addition to the clear regulations, Trump will also maintain a strategic bitcoin reserve. He also wants to fire Gary Gensler, chairman of the American stock market watchdog and Democrat. ‘That bothered the crypto market.’ Gensler is strict on the digital currency and has held back a lot in the past year, says Mol.
Donated a lot
Trump’s positive attitude towards crypto did not come out of the blue, says Mol: crypto companies had to do a lot for that. ‘A lot has been donated to get Trump to take a pro-crypto position. And then you get a policy that invites innovation.’
In his previous term, Trump was very critical of the sector. ‘But then he also had a lot less to spend. And in recent years, tens of millions have been invested to make Trump believe in it. And then you get a president who is pro-crypto.”
If Trump delivers on what he promised, it will be good news for the crypto world. “But that’s just the question at this point.”
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