Bitcoin at $77k 48hrs after US elections

Bitcoin surged to a new all-time high of $77,020 on Friday, Nov. 8, marking its second consecutive record-breaking day.

This surge came just 48 hours after Donald Trump’s victory in the U.S. presidential election, which was accompanied by the election of several pro-crypto policymakers to Congress. With a market cap of $1.5 trillion, Bitcoin has now surpassed Meta (formerly Facebook) to become the world’s ninth most valuable asset.

Bitcoin’s year-to-date growth has exceeded 118%, with the latest surge driving a 25% increase over the last 30 days. Seasonal trends and halving-year data have pointed to bullish prospects, as historically, Bitcoin has tended to hit new highs following U.S. election cycles and hasn’t returned to pre-election levels in previous years.

Crypto Policy Plans: A New Era of Digital Asset Regulation

For the first time, cryptocurrency has played a significant role in financing political action committees, leading experts to predict that digital asset regulations could become a key focus for lawmakers in Washington. A Bitcoin (BTC) bill introduced by Senator Cynthia Lummis from Wyoming is considered a frontrunner in the emerging crypto policy landscape.

Similar to President-elect Donald Trump’s stance on digital currencies, Senator Lummis has advocated for a strategic national Bitcoin reserve. The proposed plan would significantly increase the United States’ Bitcoin holdings, building on the existing 203,000 BTC already owned by the U.S. government.

Lummis has suggested a plan to acquire an additional 1,000,000 BTC over the next five years. If Bitcoin’s price remains stable during that time, this would cost the U.S. government an estimated $77 billion. The proposal has sparked significant discussion about the future of cryptocurrency in the U.S. and its role in shaping financial policy.

Bitcoin Price Predictions and Growing Institutional Support

Bitcoin advocates, including prominent figures like Michael Saylor, along with the broader crypto community, are increasingly bullish on the future of BTC. Many are forecasting a continued price surge, with targets of $100,000 by the end of 2024 and $200,000 by 2025 gaining traction among investors and market analysts.

In the wake of this optimism, $72 billion has already flowed into Bitcoin through Wall Street exchange-traded funds (ETFs), marking a significant institutional endorsement of the digital asset. Meanwhile, several U.S. states, including Detroit and Wyoming, have announced moves to embrace Bitcoin adoption, signaling broader acceptance of the cryptocurrency at the local government level.

The momentum for Bitcoin isn’t just limited to market sentiment but extends to the political landscape as well. Despite the 2024 U.S. elections, the crypto community remains united, with major players continuing to support the industry’s expansion. For instance, the Fairshake super PAC, a crypto-focused political action committee, has already raised over $78 million for the 2026 mid-term elections, backed by notable donations from firms like A16z Crypto and Coinbase, even before the official results of the election were announced.