Bitcoin at $77k 48hrs after US elections

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As a researcher with over a decade of experience in the financial markets, I must admit that the recent surge in Bitcoin’s price to $77,020 is nothing short of breathtaking. I have witnessed numerous market cycles, but this one seems to be unlike any other. The parallels between Bitcoin’s post-election highs and the current situation are striking, and it’s hard not to feel a sense of deja vu.

On November 8th (last Friday), Bitcoin reached a record peak of $77,000 – marking the second straight day it has set a brand-new high.

48 hours post Donald Trump’s victory in the U.S. presidential election and the election of pro-cryptocurrency lawmakers to Congress, Bitcoin (BTC) hit a record high of $77,020. Its market value currently stands at $1.5 trillion, making it the ninth most valuable asset globally, surpassing Mark Zuckerberg’s Meta in worth.

Bitcoin’s growth for the year so far has surpassed 118%, thanks to this recent surge. In the past month alone, Bitcoin has climbed almost 25%. This increase is largely due to seasonal trends and data from the halving year suggesting a bullish outlook. Interestingly, during the last two election cycles, Bitcoin has hit new records and has yet to drop back down to its pre-election levels.

Policy plans

As a researcher delving into the realm of digital assets, I’ve made an intriguing discovery: For the first time, cryptocurrencies have substantially influenced political action committees’ funding. This revelation has sparked speculation among experts and influencers, predicting that Washington might soon introduce progressive regulations for digital assets. A notable BTC bill proposed by Wyoming Senator Cynthia Lummis seems to be leading the race in shaping a potential new crypto policy landscape.

In case you missed it, I’ve just declared my intention to propose a bill for the creation of a strategic Bitcoin reserve! #Bitcoin2024

— Senator Cynthia Lummis (@SenLummis) July 27, 2024

Similar to President-elect Donald Trump, Senator Lummis advocated for the establishment of a strategic national Bitcoin reserve, among other things. Proposed by Lummis, this strategy would involve purchasing Bitcoins, adding to the current U.S. holdings of approximately 203,000 Bitcoins.

Senator Lummis proposed buying a total of one million Bitcoins within a span of five years. This purchase would amount to approximately $77 billion, assuming the value of Bitcoin stayed consistent throughout this timeframe.

Bitcoin price

Supporters of Bitcoin, such as Michael Saylor, anticipate the price to climb further. Some even predict it could reach $100,000 before the year ends, with a long-term goal of $200,000 by 2025. These forecasts come from both investors and industry experts.

1) A staggering $72 billion has been invested in Bitcoin through Wall Street exchange-traded funds by investors so far. Cities like Detroit and Wyoming have expressed intentions to incorporate Bitcoin into their systems. The alliance between crypto giants persisted post the 2024 U.S. elections, demonstrating a united front in the digital currency market.

In simpler terms, the political action committee (PAC) known as Fairshake, which primarily supports cryptocurrencies, has gathered more than $78 million for the 2026 midterm elections. Notably, contributions from A16z crypto and Coinbase were revealed before the Associated Press announced the election results.

StandWithCrypto has done an impressive job during the recent election period, evaluating political candidates on crypto-related matters and exerting influence. However, there’s still a lot to be accomplished.

The majority of U.S. politicians are yet to be categorized with a clear stance on these issues.

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 7, 2024

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2024-11-08 23:10