Donald Trump Wins, Here's The Bitcoin Cycle After The US Election

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - The election of Donald Trump in the 2024 US General Election pushed the price of Bitcoin to reach a new record high at 76,100 or around Rp1,193 billion on Friday, November 8.

Tokocrypto trader, Fyqieh Fachrur, explained that elections in the United States have always been a crucial moment for the global market, and this time their influence is felt on the crypto market.

Fyqieh reveals Every four years, when US citizens choose a new leader, the crypto market shows an interesting pattern. Bitcoin prices on election day also seem to be an early foothold for price movements in the future.

"In the 2020 US elections, the price of Bitcoin ranged from 13,569 US dollars (Rp212 million) and jumped to a record high of 69,000 US dollars (Rp1.08 billion) within one year," he explained in his statement.

This trend, according to Fyqieh, reflects investor optimism that hopes the election results can open up new opportunities for Bitcoin and other crypto assets.

Donald Trump's victory in the US presidential election could be a big impetus for the crypto market. Based on the survey, more than 60% of US people are optimistic that Trump's victory will trigger a trend of rising crypto prices, especially because of the shortfall of deregulation that could bring more investors into the market.

Trump has shown clear support for digital assets, even being nicknamed a "crypto mandate."

Salah satu janjinya yang paling menarik perhatian adalah mengganti etua US Securities and Exchange Commission (SEC), Gary Gensler yang selama ini dianggap terlalu ketat dalam mengatur sektor kripto, ungkapnya.

This change is expected to create more open policies and reduce regulatory pressure, providing space for innovation and wider adoption.

"In order for Trump's promise to influence the price of Bitcoin in the long term, the promise must be supported by substantial and consistent measures. Otherwise, the promise will only cause price fluctuations to occur again in the crypto market, especially Bitcoin," concluded Fyqieh.