From financemagnates

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.