Bitcoin surges over $89,000 as Trump plans crypto-friendly cabinet

Bitcoin (BTC) is currently surging, hitting $89,000 and rocketing over $9000 in value between November 11 and 12. At the time of writing, it has slinked back down to $88,300 but still appears to be set to continue growing.

The massive increase is attributed to Donald Trump’s election win, as the incoming president has been championing cryptocurrency this time around.

It’s a vastly different story from 2019, when Trump said that he wasn’t a “fan of Bitcoin and other cryptocurrencies” and claimed they weren’t “money.”

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

However, Trump’s family recently launched his own crypto company, World Liberty Financial. Though, WLFI has slashed its $300 million token goal to $30 million.

Another of Trump’s incoming administration’s plans is to stockpile the cryptocurrency it has accumulated from criminal charges, rather than auctioning it off.

The 47th president has been heavily involved with the crypto community during the run-up to the election. Outside of appearing at events – and claiming all Bitcoin will be mined in the US – he has multiple champions of the tech on his side.

Elon Musk and Robert F. Kennedy Jr., both set to join his administration and huge proponents of the controversial figure have invested millions into cryptocurrencies. Both Musk and Kennedy having the president’s ear will naturally lead to an increase in focus on crypto.

Trump has promised to get rid of the Securities and Exchange Commission (SEC)’s Gary Gensler. Gensler has been instrumental in the US government’s pushback against crypto, with the idea to make the US the “crypto capital” of the world.

On top of this, a major Bitcoin advocate, Scott Bessent – a billionaire hedge fund investor – is one of the favorites to take Treasury Secretary.

Trump’s leading pick for Treasury Secretary — billionaire hedge fund investor Scott Bessent — is very pro-crypto, particularly pro-Bitcoin.

Some recent statements:

“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican…

— Eleanor Terrett (@EleanorTerrett) November 12, 2024

Another part of Trump’s goals is to ensure Bitcoin tops $100,000. Some analysts believe that could now happen after Bitcoin’s bubble burst in 2022. At the start of the year, BTC was valued at around $37,000 after a couple of years of being decimated due to various factors. These included governments taking action against the currency, and the FTX scandal.

Featured image: Bitcoin.org, Gage Skidmore

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