Summary

Bitcoin surged to an unprecedented peak on Wednesday, smashing past $93,000 as the crypto community rallied behind Donald Trump’s re-election victory. The excitement around Trump’s comeback is palpable, sending ripples across the crypto market and bringing meme-coin Dogecoin along for the ride, spiking as much as 150% since election day.

Trump’s latest moves seem to have sealed a new crypto-friendly administration. Following his win, he tapped billionaire entrepreneur Elon Musk and venture capitalist Vivek Ramaswamy to lead the “Department of Government Efficiency” (Doge), an external advisory board aimed at reforming public spending. Musk, famously supportive of cryptocurrency, is now positioned to drive a dramatic shift in government efficiency.

Crypto bulls are buzzing. Since Trump’s win, Bitcoin has soared by more than a third. With influential figures like Musk in his corner, Trump is set to usher in an era that crypto enthusiasts have long awaited. Howard Lutnick, CEO of Cantor Fitzgerald and a co-chair of Trump’s transition team, has also expressed optimism, suggesting Trump’s economic advisors may include a fresh wave of crypto advocates.

Crypto faced serious headwinds during the Biden administration, as regulators tightened their grip on the sector. The Securities and Exchange Commission (SEC) under Gary Gensler aggressively pursued regulation, particularly after the notorious collapses of FTX and Binance, both shaken by fraud scandals. Sam Bankman-Fried of FTX made headlines with high-profile legal troubles, adding fuel to the regulatory fire.

But crypto’s champions have been waiting for a moment like this. In Ohio, for instance, blockchain entrepreneur Bernie Moreno defeated Democratic Senator Sherrod Brown, signaling strong grassroots support for crypto in key races. Brad Garlinghouse, CEO of Ripple, captured the mood by declaring, “The Biden administration’s war on crypto is coming to an end,” adding that this shift could be transformative for America.

In a final rallying cry, Trump announced that Doge’s advisory group would partner with the White House’s Office of Management and Budget. They aim to develop a “lean, entrepreneurial approach” to governing. Musk himself took to X (formerly Twitter) to announce plans for transparency, promising to share all of Doge’s initiatives online. “If the public thinks we’re cutting something important—or keeping something wasteful—let us know!” Musk tweeted.

With the crypto-friendly gears in motion, the industry is bracing for a dramatic realignment. Trump’s win has ignited hopes for a powerful crypto resurgence, and his team of heavyweight allies may just be the catalyst needed to propel Bitcoin and the broader crypto market to unprecedented heights.