Bitcoin price hits all-time high as Trump victory becomes clear

Bitcoin price hit an all-time high this weekend, a rally that began shortly after Donald Trump was declared the winner of the 2024 election.

Major indices showed Bitcoin price reaching more than $84,000 on Monday. That's up from $68,000 last Tuesday, election day in the US

Year-to-date, Bitcoin is up more than 90%, with most of those gains occurring at the start of the year. For most of March through November, the price was in the $50,000 to $70,000 range.

Trump's election was seen by some as a positive sign for the United States Prices of Bitcoin and other cryptocurrencies. He has vowed to reverse the Securities and Exchange Commission's current leadership's aggressive stance toward cryptocurrency companies and products, which it views as potentially harmful to investors.

Trump has also signaled interest in creating a strategic U.S. Bitcoin reserve and has many crypto-friendly advisers to his new administration, including Robert F. Kennedy Jr., Elon Musk and Vivek Ramaswamy, an entrepreneur who announced last week that he was investing in Bitcoin included in its asset management services.

Investors may also be reacting to fears that inflation could resurface under Trump, after months of price increases at a more subdued pace. Some investors believe Trump's implementation of some of his campaign proposals will ultimately lead to higher prices.

“The likelihood of a spike in inflation just got bigger — tax cuts, immigrant deportations and tariffs are all expected to drive up spending, wages and the price of basic goods,” said Noelle Acheson, author of a cryptocurrency news newsletter, wrote this weekend. “Leaving aside the political implications of this (it could be tough), it adds to the tailwinds driving crypto and gold forward.”

Other assets in the cryptocurrency world also rallied. Shares of Coinbase, the largest U.S. crypto exchange, were expected to rise about 14% on Monday. Robinhood, the app-based trading platform that enables crypto trading, was also expected to hit an all-time high.

And Dogecoin, a “meme” cryptocurrency that has largely become a vehicle for pure investor speculation, is up more than 160% in the last month.