Cryptocurrency prices surged on Wednesday following Donald
Trump’s victory in the just concluded US presidential election. Bitcoin jumped
to a record high of $75,317, according to
CoinMarketCap.
This rally pushed over 11,000 new addresses into
millionaire status, highlighting a bullish sentiment among investors with sights
set on new all-time highs, Finbold reported.
Bitcoin Millionaires Surge
As Bitcoin’s price climbed rapidly, the count of BTC
millionaire addresses experienced a notable jump. According to data from BitInfoCharts,
on October 7, there were 121,851 addresses holding over $1 million in Bitcoin.
By November 6, this figure reportedly surged to
132,842, adding 11,487 new millionaires in a single month. The increase in
millionaire addresses includes 121,126 addresses holding between $1 million and $9.99 million and 11,716 addresses surpassing $10 million in value, marking a
12.3% increase in the highest-value segment.
These numbers underscore the level of optimism among
investors, even in the face of economic volatility, with many seeing Trump’s
win as a turning point for cryptocurrencies. Bitcoin’s rally seems linked to Trump’s
presidential win. Trump’s stance on cryptocurrency has been perceived as more
favorable than that of previous administrations.
Election Outcome Boosts Bitcoin
Advocates like Robert F. Kennedy Jr. and Tesla’s Elon Musk are lending further credibility to crypto in the US financial landscape. Leading
up to the election, Bitcoin faced multiple rejections around the $72,000 level,
sparking concern over its ability to sustain new highs.
Some investors even liquidated holdings to avoid
potential volatility spikes. Trump’s administration is expected to offer an
environment more conducive to cryptocurrency, which could attract new investors.
Last month, reports showed that investors were moving
to crypto investments in record numbers due to uncertainty related to the US
election. CoinShares noted a monthly inflow of over US$400 million into digital
asset investment products.
Towards election day, opinion polls favoring
Republicans, who are perceived as more supportive of digital assets, also boosted
Bitcoin and blockchain-related investments.
Elsewhere, President-elect Donald Trump, while
attending the Bitcoin 2024 Conference, lured the crypto community with many
promises, including dismissing the Securities and Exchange Commission
Chair Gary Gensler if re-elected.
This article was written by Jared Kirui at www.financemagnates.com.
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