Bitcoin surpassed $77,000 on Friday, November 8, setting a new all-time high for the second day in a row.
Bitcoin (BTC) reached a new all-time high of $77,020 approximately 48 hours after Donald Trump’s victory in the US presidential election, as well as the election of several pro-crypto policymakers to Congress. With a market capitalization of $1.5 trillion, Bitcoin now ranks as the ninth most valuable asset in the world, surpassing Mark Zuckerberg’s Meta.
BTC’s annual growth surpassed 118% with this recent surge. Over the past 30 days, Bitcoin is up almost 25%, with seasonal trends and semi-annual data indicating a bullish outlook. Over the past two election cycles, Bitcoin has reached new highs and has not returned to pre-election levels.
Political plans
For the first time, cryptocurrency played a significant role in funding political action committees, leading experts and thought leaders to anticipate progressive regulation of digital assets from Washington. A BTC bill from Wyoming Senator Cynthia Lummis appears to be a pioneer in what could become a new crypto policy landscape.
Like President-elect Donald Trump, Senator Lummis has pushed for a strategic national reserve of Bitcoin and much more. Lummis’ proposal would implement a BTC purchase plan, leveraging the existing US stockpile of 203,000 Bitcoins.
Lummis suggested acquiring 1,000,000 BTC over five years, which would cost the United States approximately $77 billion if the price of Bitcoin remained constant over that period.
Bitcoin Price
BTC ambassadors like Michael Saylor and the crypto community at large predict prices will rise. Targets of $100,000 by the end of the year and $200,000 by 2025 have been mooted by investors and experts.
Investors have already spent $72 billion buying Bitcoin through Wall Street exchange-traded funds. States like Detroit and Wyoming have announced some form of Bitcoin adoption. The interests gathered between the crypto titans have not dissolved after victory in the 2024 US elections.
Crypto-focused super PAC Fairshake has raised more than $78 million for the 2026 midterms. The organization disclosed donations from crypto A16z and Coinbase even before the Associated Press reported the voting results.
