Bitcoin reaches $80k; ADA founder reveals role under Trump

Bitcoin (BTC) reached a new all-time high of over $80,000 on November 10, 2024. The biggest crypto in the world saw a meteoric rise leading up to the US presidential election and a continuous surge in the days after Donald Trump’s victory.

Key takeaways

• BTC's price soared to $80,000 largely due to renewed interest and optimism sparked by Trump's political influence and win.
• ADA founder announced that he will be serving as an advisor to Donald Trump, creating mixed reactions. 

Compared to the still-electric 25.7% gain of the S&P 500 in 2024, BTC’s 80% gain is staggering. Midway through the morning of November 10, BTC was trading slightly below the $80,000 mark, after briefly touching it.

Many in the crypto industry, including those who play Bitcoin casino games, see Trump's win as good news for BTC and other coins. Even though Trump used to think BTC ‘was based on thin air’, he has now come around and is completely on board with crypto, in contrast to Biden's administration.

A major factor in Trump's shift in stance on cryptocurrency is his newfound financial interest in the market. He even launched a crypto company with his family called World Liberty Financial in September 2024.

Bet on esports matches here

‘It’s very young and very growing. I do believe in it’, Trump said of the crypto industry on September 16, 2024, while unveiling World Liberty Financial. In comparison, the Biden administration has shown greater scepticism towards crypto. 

In June 2021, during one of his initial remarks as the new chairman of the Securities and Exchange Commission (SEC), Gary Gensler stated that crypto was 'ripe with fraud, scams and abuses'. 

To control the crypto market and protect users including Gamdom players, Gensler's SEC pursued lawsuits against various companies. He stated that he believes some of the assets traded within were illegally acquired. 

The SEC and other agencies, including the DOJ, worked together to crack down on crypto fraudsters, including the notorious FTX CEO Sam Bankman-Fried.

After much thought, Gensler gave the go signal for a BTC exchange-traded fund (ETF), opening the door for retirees to diversify their holdings with crypto. When hackers gained access to Gensler's X account in January 2024, they spread fake information claiming that the long-awaited BTC ETF was already accepting orders.

This briefly drove up the price of coins. On the other hand, Trump stated in August 2024 that crypto defines the future, and he wants them mined, minted and made in the USA. 

Similar to the US Strategic Petroleum Reserve, the president-elect has backed buying and investing in crypto directly as a national security precaution, and he has even suggested a national BTC stockpile.

ADA founder reveals advisor role under Donald Trump

Cardano (ADA) founder, Charles Hoskinson, announced that he intends to assist the Trump administration in shaping crypto legislation, igniting debates. After years of uncertainty and legal hurdles, the crypto industry is expected to finally have clear rules put in place.

In his recent statements, Hoskinson revealed these ideas and stated that the creation of constructive legislation about crypto requires the backing of both Republicans and Democrats. This news comes as ADA and other prominent blockchain networks, including BTC, continue to face legal obstacles from US authorities.

Crypto regulation is also expected to have its department within Charles Hoskinson's Input Output Global (IOG). The office's main objective will be to craft new laws that combine elements of RFIA and FIT21, the Financial Innovation and Technology for the 21st Century Act.

‘I will work with lawmakers to get a bipartisan bill passed. This is the best opportunity we have ever had in the history of the industry to get clarity’, Hoskinson said. 

While the crypto sector is undergoing high demands after Trump’s victory, many are having mixed emotions. Most expressed their joy in crypto's brighter future, while there are also crypto users who couldn't rejoice fully when Trump won. 

Play crypto slot games at Gamdom