Bitcoin surpassed $77,000 on Friday, November 8, hitting an all-time high for the second day in a row.
Bitcoin (BTC) hit a new all-time high of $77,020 about 48 hours after Donald Trump won the U.S. presidential election and several pro-cryptocurrency policymakers were elected to Congress. With a market capitalization of $1.5 trillion, Bitcoin has now surpassed Mark Zuckerberg’s Meta to become the world’s ninth most valuable asset.
The recent surge has pushed BTC’s annual growth rate past 118%. Over the past 30 days, Bitcoin has gained nearly 25% as seasonal trends and semi-annual data indicate an optimistic outlook. Over the past two election cycles, Bitcoin has reached new highs and has never returned to pre-election levels.
policy plan
For the first time, cryptocurrencies have played a significant role in funding political action committees, leading experts and opinion leaders to anticipate progressive digital asset regulation in Washington. Wyoming Senator Cynthia Lummis’ BTC bill appears to be a frontrunner for what could become a new cryptocurrency policy landscape.
Like President-elect Donald Trump, Senator Loomis has also pushed for a strategic national Bitcoin reserve. Lummis’ proposal would implement a BTC purchase plan that would increase the country’s existing 203,000 Bitcoin inventory.
Lummis proposed acquiring 1,000,000 BTC over five years, which would cost the United States approximately $77 billion if the Bitcoin price remains constant over that period.
bitcoin price
BTC ambassadors like Michael Saylor and the larger cryptocurrency community predict the price will rise. Investors and experts alike have cited goals of $100,000 by the end of the year and $200,000 by 2025.
Investors have already bought $72 billion in Bitcoin through Wall Street exchange-traded funds. States like Detroit and Wyoming have announced some form of Bitcoin adoption. The sorted interests among the cryptocurrency giants have not disintegrated even after winning the 2024 US elections.
Cryptocurrency-focused super PAC Fairshake has raised more than $78 million, with a mid-term goal of 2026. The organization disclosed donations from the A16z cryptocurrency and Coinbase before the Associated Press even announced the results of the vote.