The value of Bitcoin surpassed $80,000 for the first time on Sunday, November 10, just days after Donald Trump secured his victory in the presidential election odds. The cryptocurrency had already gained momentum in the run-up to the election, reached a record high of $75,000 on election night, and has continued to grow since. Over the past seven days, Bitcoin’s value has surged by more than 19.5%.
Ether, the second-largest cryptocurrency, also saw impressive growth. Its value has risen 28.7% in the past week to $3,165. Other popular crypto tokens, including Dogecoin, SOL, and BNB, have also surged in value.
Some analysts had anticipated such an increase in the event of a Trump win, including Standard Chartered analyst Geoff Kendrick, who expects Bitcoin's value to reach $125,000 by the end of the year.
Pro-crypto president
While Trump was once skeptical about the currency, calling it “a scam” against the dollar, his stance has shifted after making a financial stake in Bitcoin. In his speech at the Bitcoin 2024 conference in Nashville, Trump commented:
"If cryptocurrency is going to determine the future, I want it to be mined, minted, and produced in the USA. We will produce so much electricity that you will say, 'Please, please, Mr. President, we don't want any more electricity. We can't take it!'"
During the conference, he vowed “to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.” Trump shared his idea of building a national Bitcoin reserve and suggested that crypto could solve the national debt. In September, Trump and his family launched a new cryptocurrency platform named World Liberty Financial, as he seeks to turn the U.S. into the “crypto capital of the planet.”
According to the New York Times, Crypto platforms Coinbase and Ripple spent $135 million promoting pro-crypto candidates in federal races. It paid off, as 268 pro-crypto candidates won House seats and 19 secured Senate seats, compared to 122 House members and 12 senators labeled “anti-crypto.”
Trump’s running mate, JD Vance, is also a big crypto supporter. Per his disclosure form, Vance owns Bitcoin worth between $250,000 and $500,000.
Current status of crypto and gambling in the U.S.
The U.S. Commodity Futures Trading Commission (CFTC) classified Bitcoin as a commodity in September 2015. At present, no laws authorize the use of cryptocurrency for online gambling in the United States. Therefore, it is not legal to use cryptocurrencies to make deposits and withdrawals in licensed online casinos and sportsbooks across the country.
However, now that Donald Trump has won the election, bettors are wondering what this could mean for the future of legal gambling in the country. The president-elect has promised to enact pro-cryptocurrency policies after taking office.
In the meantime, bettors in the U.S. can make cryptocurrency deposits and claim crypto bonuses at some social casinos, such as Stake.us and LuckyBird.io. While crypto casinos are on the rise outside of the U.S., local state regulators must update their laws to enable such sites to become licensed and operate legally.
