BREAKING NEWS: Bitcoin Hits New All-Time High Amid Trump’s Election Win

Bitcoin reaps the reward of a Trump Victory

Donald Trump has won the U.S. Presidential Election, marking his return to the Oval Office. Markets are rallying, and the “Trump Pump” is in full effect. Bitcoin has set a new all-time high of $75,358.70, currently trading at $73,500—up 9% from this morning's low of $66,800.

This result is the most bullish outcome we could have hoped for. As predicted in our Morning Note, a Trump victory has pushed Bitcoin to break its previous all-time high. In fact, the new high was reached less than four hours after vote counting began, as Trump appeared to lead in key swing states. As the probability of his victory increased, Bitcoin climbed further, eventually surpassing its previous ATH with no resistance. The U.S. markets have yet to open—how will they react to Trump’s near-confirmed presidency and Bitcoin’s new all-time high? Will the bullish momentum continue to drive the price higher?

What Does This Mean for Bitcoin and the Greater Cryptocurrency Industry??

While Trump’s presidency is extremely bullish for Bitcoin, there remains the looming concern of U.S. debt levels, which currently stand at $35 trillion. Kamala Harris may have been expected to increase money printing more aggressively, potentially devaluing the USD further. However, Trump is also likely to expand the money supply to stimulate the economy, which may lead to higher inflation and a weaker dollar, indirectly boosting Bitcoin’s value against USD.

Bitcoin Strategic Reserve

Another reason to feel optimistic about Bitcoin is the anticipated creation of the Bitcoin Strategic Reserve (BSR). This initiative was one of Trump’s key promises to appeal to cryptocurrency advocates. Under Lummis’ proposed bill, the Federal Reserve and Treasury Department would purchase one million Bitcoin with existing funds. This move would position the United States as the largest nation-state holder of Bitcoin, controlling 5% of the entire network—similar to the country’s share of the global gold supply.

The acquisition of one million Bitcoin represents a potential demand surge of over $73 billion USD ($112 billion AUD). Such buying volume could easily push Bitcoin’s price well over $100,000.

During his campaign as the "Bitcoin President," Trump reiterated his intention to fire SEC Chair Gary Gensler, who has been viewed as an obstacle by the crypto industry. Gensler’s record includes rejecting multiple cryptocurrency ETF applications. With his departure, a more crypto-friendly chair will pave the way for new ETFs, including the next Spot ETF which is speculated to be a Spot Solana one. The door could open for more altcoin ETF filings, further legitimising the broader cryptocurrency space.

The bullish momentum set by Trump’s win is likely to persist. After reaching a new all-time high, the next target for Bitcoin is $88,000, the breakout target from the current bull flag formation. This could be reached within the next few weeks or months. Once this is achieved, the $100,000 milestone is within sight. Could Bitcoin hit this level before the end of the year? The outlook is promising. Sentiment is highly bullish, the election has favored a pro-Bitcoin president, and Bitcoin has already hit a new all-time high—all indicators suggest Bitcoin may climb much higher.

Written by Alexandar Artis

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