- Bitcoin’s upward trajectory follows Donald Trump’s presidential win last week
- Over the past 30 days, Bitcoin has increased in value by more than 30%
- Institutional interest is rising with Bitcoin ETFs, noted by BlackRock’s IBIT ETF reaching $1.12 billion in daily inflows
Bitcoin has hit another record, reaching over $82,000 on Monday, boosted by Donald Trump’s re-election to the White House last week.
According to data from CoinMarketCap, Bitcoin’s value has risen more than 19% in the past seven days and 30% over the past 30 days. Taking to X, Anthony Pompliano, host of the Pomp podcast, said:
“The first pro-Bitcoin President was elected in US history and Bitcoin hit $80,000 within a week. The market is preparing itself.”
The first pro-bitcoin President was elected in US history and bitcoin hit $80,000 within a week.
The market is preparing itself.
— Anthony Pompliano
(@APompliano) November 10, 2024
While Trump’s win has helped push crypto prices up, many don’t think it’s the sole reason. In response, Sleep Money Maker said: “Think bigger than one week or one event. We’re watching decades of regulatory friction starting to dissolve. When barriers fall, capital flows – that’s just market physics in action.”
Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-custody crypto wallet, said it was “disingenuous” to say the US election directly caused the price increase.
In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.
Institutional appetite for Bitcoin is rising
Institutional interest in Bitcoin has also reached new levels, noted by BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) bringing in a record $1.12 billion in daily inflows. This followed BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.
Speaking of the recent price rally, Toledano, said:
“There is clearly heightened confidence in Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin’s resilience as an asset class but are increasingly allocating capital in response to favorable macroeconomic conditions, including recent rate cuts and political shifts.”
Other coins that are rallying include Ethereum, trading over $3,100, Solana, at $216, and Dogecoin, up nearly 158% in the past month at $0.2877.
Mark Cuban Says Trump’s Re-Election Won’t Impact Bitcoin’s Price, ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Increases And More: This Week In Cryptocurrency Benzinga
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On Sunday, February 4, El Salvador President Nayib Bukele confirmed his victory of re-election thereby securing a staggering 85% vote. As Bukele is set to take charge of another five-year term, Bitcoin investors would be eagerly waiting for him to unveil his next big plans.
Doubling Down On Bitcoin Bets
President Nayib Bukele of El Salvador has officially announced what he claims to be a historic victory in the presidential election. According to Bukele, the preliminary results indicate an overwhelming win with more than 85% of the votes.
Additionally, the president asserts that his party has secured a minimum of 58 out of 60 seats in the Assembly. If the figures hold true, Bukele suggests that this achievement sets a new record in the entire democratic history of the world.
El Salvador has reiterated its commitment to cryptocurrency, confirming that Bitcoin will retain its legal tender status throughout President Nayib Bukele’s expected second term. Despite the International Monetary Fund’s (IMF) suggestion to reconsider this stance during loan negotiations, Vice President Felix Ulloa remains steadfast.
Furthermore, this declaration aligns with the recent approval by the U.S. Securities and Exchange Commission (SEC) of Bitcoin ETFs. Additionally, there are impending plans for the launch of Bitcoin-backed bonds and the establishment of a tax-free cryptocurrency haven known as Bitcoin City
As per the data from Nayibtracker.com, El Salvador holds 2,825 Bitcoin in their treasury worth a staggering $120.6 million. As the Bitcoin price trades at the $42,799 level, the country is sitting on minor profits for now. Nayib Bukele has affirmed that they will continue to accumulate Bitcoin throughout his second term.
El Salvador’s President Nayib Bukele Garners Credit Rating Upgrades
President Nayib Bukele of El Salvador has reportedly achieved credit rating upgrades from S&P Global Ratings and Fitch Ratings, despite the country maintaining its classification in the “junk” category. Bukele’s financial strategies, including bond buybacks, a pension debt exchange, and refinancing initiatives, have played a crucial role in elevating El Salvador’s market standing.
Bloomberg highlights that these financial maneuvers executed by Bukele’s administration have collectively contributed to the country’s improved credit ratings, demonstrating a positive impact on both El Salvador’s financial status and President Nayib Bukele’s leadership.
Nayib Bukele’s tenure has become a testament to his adeptness in navigating the intricacies of international finance and fulfilling the responsibilities of domestic governance. The combination of a strong electoral mandate and a cautiously optimistic outlook from the global financial community reflects the success of Bukele’s approach to economic governance.
In December 2023, El Salvador also unveiled its own Bitcoin-based Freedom Visa and Citizen program. The country’s success could encourage other Latin American nations like Argentina to join the bandwagon.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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