Bitcoin Nears Historic $90,000 Mark on Optimism Over Trump Presidency

On Tuesday, Bitcoin surged close to an unprecedented $90,000, fueled by optimism around Donald Trump’s recent election win, with many believing his administration could adopt a crypto-friendly stance. The digital currency, the largest in the world, hit $89,637 in Asian markets, marking a substantial gain of over 25% since November 5.

The rally comes alongside Tesla’s near-40% stock increase, as investors anticipate benefits for companies associated with Trump’s circle. “It’s clearly a ‘Trump trade’ given his strong support for the industry, which signals rising demand for crypto assets,” commented Nick Twidale, chief market analyst at ATFX Global in Sydney.

Trump’s campaign promised to position the U.S. as a global leader in digital assets, even suggesting the establishment of a national bitcoin reserve. This has sparked considerable interest in crypto mining and trading stocks.

“There’s a possibility that other countries might start acquiring bitcoin to get ahead of potential U.S. actions,” noted Matthew Dibb, CIO at Astronaut Capital, adding that U.S.-based Bitcoin mining firms might even face prospects of government acquisition.

For crypto investors, this rally also represents a shift away from the strict oversight seen under SEC Chair Gary Gensler, whom Trump has promised to replace. The enthusiasm further intensified after Trump launched a crypto venture, World Liberty Financial, in September.

“This isn’t just another price peak—it signals a broader acceptance of bitcoin as a potentially stable and politically supported asset,” said Justin D’Anethan, head of Asia-Pacific business development at Keyrock.