Bitcoin reached an all-time high on Monday, continuing to soar after President-elect Donald Trump’s win, and other cryptocurrencies are also climbing. CNN’s Vanessa Yurkevich details how the surge likely reflects optimism of a possible new crypto-friendly government.

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Donald Trump is preparing to take office after defeating Kamala Harris in the U.S. Presidential election.

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Bitcoin has reached unprecedented levels, with its value approaching 90,000 U.S. dollars per coin. This surge is attributed to the election win of President-elect Donald Trump, who is perceived by the crypto industry as signaling a shift towards a more favourable government stance on cryptocurrencies. The current rise in Bitcoin and other digital currencies is in contrast to the previous administration, which imposed stricter regulations on the crypto space.

Cryptocurrency, including Bitcoin, operates on unregulated exchanges, lacks central regulatory oversight, and is known for its volatility. Once a skeptic, President-elect Trump has recently embraced cryptocurrency, accepting campaign donations in Bitcoin and sharing plans to make the U.S. the world's leading crypto nation. His proposal includes developing a national crypto stockpile and creating business ventures like World Liberty Financial.

During his upcoming term, Trump has indicated intentions to replace SEC Chairman Gary Gensler, known for advocating for increased cryptocurrency regulations. In shaping his administration, Trump has included figures like Elon Musk, who views cryptocurrency as promoting individual freedom. Trump’s vision for a crypto-friendly administration marks a distinct shift from the regulatory-heavy approach of the Biden era.



How Trump’s presidency could impact crypto industry

Bitcoin soaring to new heights today, flirting with a new record, 90,000 U.S. dollars per coin. It's the latest in a crypto frenzy fueled by President Trump's re-election win. The industry believes Trump's win signals a new crypto-friendly government, a departure from the Biden administration's harsher crackdown. We are now on the precipice of changing course. I think what President Trump did was lay out a very robust and a very clear vision. And that, I think, was something we had not seen. So it was a very stark choice from the previous administration. Bitcoin, a digital cryptocurrency, trades on some unregulated exchanges and has no central regulating authority and is not backed by the government or a bank. It can be very volatile. I've always been deeply opposed to crypto, Bitcoin, et cetera. If I was the government, I'd close it down. President-elect Trump was once a crypto skeptic. During his first term, he said it was, quote, based on thin air. But in recent months, he's changed his tune, accepting crypto campaign donations. Hello, Bitcoiners. And speaking at Bitcoin 2024 in July. I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world. In September, Trump helped create a new crypto business, World Liberty Financial. That same month, he stopped by a crypto bar in New York City's Greenwich Village. He also proposed a national crypto stockpile. The first transaction by a president on the Bitcoin protocol. History. You know what that means? The president-elect has vowed to oust SEC Chairman Gary Gensler, who has sought more regulation over the cryptocurrency market and helped lead the takedown of FTX's infamous Sam Bankman Freed, who defrauded thousands of customers. It's an innovation, but innovations don't long thrive if they don't also build trust. I mean, the automobile wouldn't have survived if you didn't have traffic lights. But as Trump assembles his administration, he's surrounding himself with crypto friendly advisers, most notably Elon Musk, who argues it promotes freedom. I do think crypto by its very nature is it helps with individual freedom. Vanessa Yurkavich, CNN, New York.

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