Crypto soars to a record high on Trump’s campaign promises

Trump pump… Bitcoin’s been on a tear, hitting an all-time high of $89K+ as of last night. (That’s a record even when adjusted for inflation.) The coin’s up ~25% since last week’s election of Donald Trump, who touted pro-crypto promises on the campaign trail. Ether (the second-largest crypto) also climbed, while smaller coins like dogecoin, Solana, and cardano outperformed bitcoin. Dogecoin’s value has more than doubled in the past week. It’s not just coins…

• Crypto-linked stocks including bitcoin-mining cos like Hut 8 and Marathon Digital and trading platforms like Coinbase have spiked too.

• Software company MicroStrategy just bought $2B+ worth of BTC, boosting its total holdings to $23B+. Over the past week, its shares are up about 50%.

Crypto constituency… Trump’s made an about-face since he called bitcoin “a scam against the dollar” in 2021. While headlining a crypto conference this summer, he promised to make the US “the crypto capital of the planet.” One way he said he’d do that is by establishing a “strategic national bitcoin stockpile,” starting with the ~$18B worth of bitcoin the US gov’t already holds. Trump also said he’d immediately fire SEC Chief Gary Gensler, who led a crackdown on the crypto industry. Trump’s aides are said to be considering several pro-crypto candidates to replace Gensler and other regulators.

• Red wave, green crypto: Crypto orgs poured millions into electing what Coinbase called “the most pro-crypto Congress in history.” It’s estimated that 253 pro-crypto politicians were elected to the House and 16 to the Senate.