Bitcoin Hits $77K, Sets New All-Time High Following U.S. Election Results

Bitcoin surged to a record high of $77,020 on November 8, marking the second consecutive day of new all-time highs. This impressive milestone came just 48 hours after the 2024 U.S. presidential election, where Donald Trump secured victory and several pro-crypto lawmakers were elected to Congress.

With a market capitalization of $1.5 trillion, Bitcoin now ranks as the world's ninth most valuable asset, surpassing major corporations like Meta (formerly Facebook) in terms of total market value. The cryptocurrency’s year-to-date growth has now exceeded 118%, with Bitcoin’s recent rally contributing to a nearly 25% increase in the past 30 days. The bullish momentum is attributed to seasonal trends and halving-year patterns, which historically have shown strong potential for Bitcoin's price performance.

Bitcoin's Resilience Post-Election

Bitcoin's performance following the 2024 election mirrors past trends, where the cryptocurrency consistently hits new highs during election cycles. Notably, Bitcoin has not returned to pre-election price levels in the last two cycles, further cementing the idea that political events are becoming a key factor in Bitcoin's upward trajectory.

The Role of Crypto in U.S. Politics

For the first time in U.S. history, cryptocurrency has played a major role in funding political campaigns, with political action committees (PACs) actively embracing digital assets. As a result, many industry experts are now forecasting progressive regulatory changes in Washington.

One of the most anticipated pieces of crypto legislation is a proposed Bitcoin bill from Wyoming Senator Cynthia Lummis, who has long been a vocal advocate for digital assets. Lummis's proposal includes a plan for a national Bitcoin reserve, with the U.S. government potentially buying up large quantities of Bitcoin over the next few years. According to her plan, the U.S. could acquire up to 1 million BTC over a five-year period, costing around $77 billion if Bitcoin's price remains steady.

This proposal has gained traction in the wake of Trump’s victory, as both Trump and Senator Lummis have expressed interest in securing Bitcoin as a strategic national reserve asset.

Bitcoin Price Predictions and Market Sentiment

As Bitcoin continues to break records, industry figures like Michael Saylor and other prominent crypto advocates are optimistic about its future. Many analysts have set ambitious price targets for Bitcoin, with some forecasting a potential rise to $100,000 by the end of 2024 and $200,000 by 2025. The recent price surge has also spurred institutional investment, with $72 billion in Bitcoin investments flowing into exchange-traded funds (ETFs) on Wall Street.

Several U.S. states, including Detroit and Wyoming, have already moved to integrate Bitcoin into their financial systems, signaling growing adoption at the state level. The momentum in the crypto industry shows no signs of slowing down, with major crypto-focused PACs like Fairshake raising over $78 million in preparation for the 2026 midterm elections. Donations from major crypto entities, such as A16z Crypto and Coinbase, were reported before the official election results were even announced.

As Bitcoin continues its meteoric rise, the intersection of cryptocurrency and U.S. politics is likely to play an increasingly important role in shaping the future of digital assets and their regulation.