In what has been a monumental show of strength for the leading crypto, Bitcoin (BTC) has officially climbed above $85,000 while setting a new all-time high. The token has continually outperformed landmark records that it began setting in March in what is one of its most impressive bull runs of all time. Yet, many are asking why the asset is up more than 5% in the last 24 hours.
The 2024 presidential election of Donald Trump remains a premiere reason for Bitcoin’s overwhelmingly positive sentiment. Indeed, Trump represents what is the most pro-crypto president-elect in the nation’s history. Therefore, the tide is certainly changing on who is investing in the token and its potential entering the new year.
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Bitcoin Keeps Setting Records: Why it Broke an All-Time High Yet Again
This entire year has been massive for the cryptocurrency industry. The arrival of crypto-based ETFs despite a reluctant US Securities and Exchange Commission (SEC) and the growing institutional investment interest in the leading token has had the asset class as relevant as it has ever been.
That reality has been huge for Bitcoin, as it has reached $85,000 for the first time ever. Indeed, BTC is up yet again today, continuing to gain. The token has been on a winning streak since January but is already up more than $12,000 from the all-time high it took into the month of November.
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The biggest reason for its surge is the expanded interest in the asset class. Yet, that is derived from the reelection of Donald Trump. He has long championed the importance of Bitcoin. Therefore, his return to the Oval Office comes with the expectation that the sector will be given more favorable regulatory conditions than it has had.
Cryptocurrencies success to this point has come despite an apprehensive SEC, led by Gary Gensler. With those obstacles likely to be removed, it should be able to flourish. This is a large reason why Standard Chartered Bank has predicted a $200,000 Bitcoin by 2025 end.
They aren’t alone in their optimism. Bernstein recently called on investors to buy crypto ‘as soon as possible.” The firm urged the embrace of Bitcoin exposure considering how the financial landscape is set to change drastically in the new year.