Bitcoin surged to a record high, surpassing $81,000 on Monday amid optimism for a crypto-friendly regulatory landscape following the election of Donald Trump as U.S. president alongside pro-crypto congressional candidates. This significant gain has more than doubled Bitcoin’s value from its low of $38,505 earlier this year, reaching an all-time high of $81,899. Immediately after the announcement of Trump’s win, the price pushed above $75,000.
The cryptocurrency sector invested over $119 million in support of pro-crypto congressional candidates, largely succeeding in advancing its agenda. Trump recently introduced a new crypto venture, World Liberty Financial, hinting at his interest in the industry, which investors view positively. Additionally, Elon Musk, a known Trump supporter, is a vocal advocate for cryptocurrency.
In legislative shifts, one of crypto’s primary critics, Senator Sherrod Brown, lost his Ohio seat, and pro-crypto figures from both major parties won key races in states such as Michigan, West Virginia, Indiana, Alabama, and North Carolina. Meanwhile, Eric Trump, Executive Vice President of The Trump Organization, is set to speak at a major Bitcoin conference in Abu Dhabi, further signaling the family’s interest in the sector.
