"Thank You Trump" Bitcoin Breaks Previous All-Time High Again... Approaching 80K [Bitcoin Now]

Continued Expectations for a 'Game Changer' After Trump's Election

Yonhap News

In the first week of November, Bitcoin prices fluctuated in the high $79,000 range. On that day, it even reached an intraday high of $79,771.66, setting a new record. This was due to growing expectations that Donald Trump, elected as the 47th President of the United States, would become a 'game changer' in the virtual asset industry.

According to the global virtual asset market tracking site CoinMarketCap, as of 7:26 PM on the 10th (Korean time), Bitcoin was priced at $79,349.97, up 3.56% from the previous day. Compared to a week ago, it rose 15.99%, and compared to a month ago, it increased by 29.97%. The year-over-year growth rate was 116.83%.

Bitcoin prices started in the $68,000 range on November 4th and surged on November 5th (U.S. time), the day of the U.S. presidential election. Early in the vote count, it was expected that Democratic candidate Vice President Kamala Harris would have an advantage over Republican candidate Trump, the newly elected president, but the situation reversed. Bitcoin prices quickly surpassed $75,000, setting a historic high. From November 8th through the 10th, it maintained an upward trend for three consecutive trading days, surpassing the previous high with an intraday price of $79,771.66 on the 10th.

There is growing anticipation that the virtual asset industry, which was regulation-focused during the Biden administration, will see a shift. Earlier, on July 27th (local time), President Trump delivered the keynote speech on the final day of the 'Bitcoin 2024' conference, stating that he would "accumulate and hold virtual assets as a 'strategic asset'." This means that the U.S. Department of Justice (DOJ) will not sell the Bitcoins seized from criminal organizations such as drug dealers and illegal hacking groups but will hold them long-term. Strategic assets are those that the U.S. government stockpiles strategically in preparation for emergencies such as war, including various asset classes and essentials like oil, gold, and agricultural products. Representative Cynthia Lummis also introduced the 'BITCOIN ACT' bill, which proposes holding Bitcoin as a strategic asset for the next 20 years.

The BITCOIN ACT is also an acronym derived from the phrase "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide." The core of the bill includes ▲ the Strategic Bitcoin Reserve (SBR) Act ▲ a systematic Bitcoin purchasing program ▲ and a comprehensive national custody policy.

According to foreign media such as Forbes, Jean-Marie Monnet, CEO of virtual asset management firm CoinShares, recently stated in a report and via email that "the Republican Party's determination to establish clear regulations related to virtual assets and to make Bitcoin a strategic reserve asset will be a major turning point for industry growth."

According to virtual asset data provider Alternative, as of that day, the Fear & Greed Index, which measures investor sentiment, was at 78 points (extreme greed). Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.