Bitcoin hits $80,000. Why Trump is boosting crypto
CNN3 days
Bitcoin Hits Almost $90K in Post-Trump Victory Boom
Above: In this photo illustration from Nov. 6 2024, the X page of Donald J. Trump is seen displayed on a smartphone with a logo of Bitcoin in the background. Image copyright: Avishek Das/Contributor/SOPA Images/LightRocket via Getty Images
The Facts
After eclipsing $80K for the first time over the weekend, the price of one Bitcoin surpassed $89.6K on Tuesday, marking an over 30% gain in value since the Nov. 5 US election.
Bitcoin initially jumped 9% last Wednesday following the early morning election results that showed Pres.-elect Donald Trump's victory. Meanwhile, the cryptocurrencies Ether and Dogecoin are up 30% and 90%, respectively, over the past week.
The Spin
Republican narrative
Crypto is the currency of freedom-loving Americans, which is why the market has been on Team Trump for months. While Trump uses crypto himself and wants to empower the rest of the country to do so, Harris embodied a left-wing establishment that hates the idea of decentralized currency. The Federal Reserve won't be able to ruin this financial revolution so long as Trump is in charge.
Democratic narrative
Trump's approach to the entire economy is to prioritize short-term gains over long-term stability. Just as his plans to cut taxes and reduce regulations will increase deficits, fuel inflation, and leave everyday consumers at the mercy of corporations, his lax stance on crypto risks opening the door for speculative bubbles and scams. Trump cares about his corporate buddies, not the average American worker.