Bitcoin Price Reach An All-Time High After Trump Election

The United States had a new election to choose the 47th president of the country. Millions of Americans voted. In this context, the results were unclear during the journey. Both Donald Trump’s and Kamala Harris’s campaigns reported favorable results, with big media companies reporting a slight difference in favor of Democrat candidate Harris. The bitcoin price reached a new all-time high, turning it into a different but accurate information channel after Trump’s victory. According to prices and information aggregator Coingecko, bitcoin went from $68,734 in the morning on Tuesday to a new high of $75,434 by Wednesday.

Bitcoin Price: A New Political Map

During the election day, several prominent media channels showed a Democratic Party victory tendency. Even important polls and models like Selzer’s and The Economist’s also called it before.

But in bitcoin land, the price followed a different trend. The Trump campaign focused heavily on bitcoin and crypto. Industry figures like Bitcoin Inc.’s David Bailey. Lightspark’s David Marcus and Messari’s Ryan Selkis endorsed Trump early. The now-elected president even participated in the Nashville Bitcoin Conference in July and congratulated the bitcoin white paper day just a week ago.

Trump’s agenda is perceived as closely tied to Bitcoin’s future in America, and so the price signaled a good day for Republicans. Trump’s VP, JD Vance, is well known among crypto investors and there are also some campaign promises that are heavily related to the crypto industry.

To commute Silk Road creator Ross Ulbritch’s sentence, removing Securities and Exchange Commission’s President, Gary Gensler, and creating “the strategic national bitcoin stockpile,” —as Reuters reported in late July— are among them.

“If you think BTC is not a good indicator to watch today, let me know why… In my opinion it seems like a clean indicator, since it was an issue in the campaign, stocks and bonds less so,” Senior Exchange Traded Funds Analyst for Bloomberg, Eric Balchunas, posted early in the election day morning, with the first 1% positive movement the price had.

When the numbers that technically credited Trump with the victory started circulating, BTC price soared to a new-historic mark, over $75,300. Prediction markets, such as Kalshi, also showed a favorable outcome for Trump.

On Wednesday, BlackRock’s bitcoin ETF IBIT saw $1b in volume in the first 20 minutes after markets opening, showing an important reference among investors. In the last 24 hourst, BTC price rised 7%, reaching a new all-time high by the time of publication.

Bitcoin And Crypto People React To The Election

MicroStrategy’s Chief Executive Officer expressed the community sentiment in a simple way: “We have a Bitcoin President,” he posted on X.

However, the Trump administration’s delivery of promises is also a top priority among community reactions. For instance, VP of Research at Riot Platforms, Pierre Rochard, vouched for Ulbricht’s cause and the bitcoin strategic reserve.

“After freeing Ross Ulbricht, the policy agenda should focus on establishing the Bitcoin Strategic Reserve. Urgency and focus is needed, accumulating bitcoin is obviously a far greater strategic priority than ‘crypto regulations’ or other distractions,” Rochard posted on X.

Even pro-Bitcoin Wyoming senator Cynthia Lummis posted an all-caps message: “We are going to build a strategic Bitcoin reserve.”

Coinbase’s CEO, Brian Armstrong, took X to congratulate the new crypto-stance of the Congress, which officials were also elected, underscoring the voting power of the “crypto voter.”

“Welcome to the new members of America’s most pro-crypto Congress ever… 219+ pro-crypto candidates and counting have now been elected to the House & Senate. Tonight, the crypto voter has spoken decisively across party lines and key races across the country. Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong wrote.

Polymarket Also Reported The Bitcoin Beat

The crypto-native prediction market Polymarket signaled favorable odds for Republican candidate Trump all day. Despite some volatility over the weekend, especially in Pennsylvania, the Polymarket odds kept signaling a positive outcome for Republicans and Trump. The main market had over $3,6 billion in volume according to the platform’s information.

“Millions of people are tuning into Polymarket right now to get a clearer sense of what’s happening. Welcome to the future of news,” the company posted through its official X account when odds started to favor Trump heavily at the end of the journey.

With bitcoin reaching a new-historic price and Polymarket closing the betting markets for the presidential election after calls from AP, Fox News and NBC, these now seem as two new sources to understand U.S. politics that might be starting a new raise to a broader public.