Bitcoin approached the $90,000 mark on Tuesday, fueled by optimism following Donald Trump’s election as U.S. president, with expectations that his administration may adopt crypto-friendly policies.
The world’s largest cryptocurrency became one of the most watched assets in the week since the election, hitting $89,637 in Asian trading—a rise of over 25% since November 5.
Bitcoin’s rally is paralleled by Tesla’s surge, as Elon Musk’s automaker gained nearly 40% since the election results, with investors betting that Trump’s allies and business interests could benefit under his administration.
“This is clearly a Trump-driven trade, given his supportive stance on the industry, which could boost demand for both crypto stocks and digital currencies themselves,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.
Bitcoin was already trading near all-time highs when the election outcome was announced, creating what Twidale described as “clear skies” for further growth.
During his campaign, Trump voiced strong support for digital assets, pledging to make the U.S. the “crypto capital of the world” and even accumulate a national Bitcoin reserve.
While the timeline and mechanics of such plans remain uncertain, the mere prospect has sparked speculative interest in crypto mining and trading stocks.
“This could prompt other nations to preempt the U.S. by acquiring Bitcoin themselves,” said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. “It could also be a major catalyst for U.S.-listed Bitcoin mining companies, with potential for them to even be nationalized.”
Crypto miner Riot Platforms saw a nearly 17% jump on Wall Street, with further gains after hours, while fellow miners MARA Holdings and CleanSpark surged close to 30%.
Meanwhile, software firm and Bitcoin investor MicroStrategy announced it had spent around $2 billion on Bitcoin between October 31 and November 10, pushing its stock up 26% with additional gains in after-hours trading.
The rally extended across the crypto market, with smaller tokens like ether (ETH) and meme coin dogecoin (DOGE) also climbing.
Crypto investors are hopeful for a reduction in regulatory pressures, as Trump has pledged to replace U.S. SEC Chair Gary Gensler. Trump also launched a crypto-focused venture, World Liberty Financial, in September.
“What we’re witnessing is more than a price milestone; it’s an indication that the market is embracing Bitcoin as a more stable, potentially politically favored asset,” said Justin D’Anethan, head of Asia-Pacific business development at digital asset market maker Keyrock.
