Bitcoin hits $80,000. Why Trump is boosting crypto
CNNNov 09
Bitcoin Passes $93K in Post-Trump Victory Boom
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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 reaching a record high of more than $89K on Tuesday, which marked a 30% gain since the Nov. 5 US election, the price of one Bitcoin jumped again on Wednesday to $93K. By Thursday morning, it fell back to around $89.2K.
The recent Bitcoin surge began with a 9% jump following the Nov. 6 early morning election results showing Pres.-elect Donald Trump's victory. The cryptocurrency has risen 38% in ten days, with analysts expecting its value to reach $100K.
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.
