Bitcoin's Boom: Trump's Election Stirs Crypto Hope

Bitcoin hit a new record high late Monday, surging to $89, 623 as investors bet on Donald Trump's promise to ease up on crypto regulations. While the rally has temporarily paused, analysts predict bitcoin's value could hit $100, 000 by the end of 2024. Along with bitcoin, crypto exchanges and dogecoin, linked to Elon Musk, also saw significant market gains. Dogecoin's value jumped 135% following Trump's election win. Trump had campaigned on making the US the "crypto capital" and announced his own crypto platform, World Liberty Financial (WLFI).

He also pledged to replace Gary Gensler, the SEC chair leading the crypto crackdown. However, experts question if Trump can actually fire Gensler, suggesting he might demote him instead due to potential legal complications. Trump is considering pro-crypto individuals for regulatory roles, including former SEC officials and industry executives. The names mentioned include Daniel Gallagher from Robinhood and former SEC commissioners Hester Peirce and Mark Uyeda.

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