Bitcoin Millionaires Multiply as Trump Returns to the White House

Just a day after Trump’s re-election as U.S. president, the financial markets are in full-on bull mode. Bitcoin wallets worth over $1 million have surged to 132,842 as of November 6, adding more than 11,000 new Bitcoin millionaires. The top ten richest people only got richer after Trump’s win.

Elon Musk’s wealth spiked by $26.5 billion on Wednesday, with Oracle’s Larry Ellison and Jeff Bezos seeing gains of $9.88 billion and $7.14 billion, respectively. It’s the biggest one-day jump since the Bloomberg Wealth Index began in 2012.

Elon Musk’s wealth spiked by $26.5 billion on Wednesday, with Oracle’s Larry Ellison and Jeff Bezos seeing gains of $9.88 billion and $7.14 billion, respectively. It’s the biggest one-day jump since the Bloomberg Wealth Index began in 2012.

Samy Chaar, chief economist at Swiss firm Lombard Odier, noted in a memo to clients:

American financial assets, particularly stocks, and the U.S. dollar are likely to surge.

The S&P 500 soared by 2.5%, setting a post-election record, with hopes that Trump’s White House return could bring tax cuts and less regulation.

Other top gainers include crypto billionaires. Brian Armstrong, CEO of Coinbase, saw his net worth jump 30% to $11 billion. Binance founder Changpeng Zhao boosted his net worth by $12.1 billion post-election, raising his wealth to $52.7 billion.

Post-Election Crypto Boom

Trump campaigned hard for crypto, even pledging a strategic Bitcoin reserve. Investors are optimistic that a crypto-friendly Republican majority might materialize in Congress now that he’s in office.

Coinbase Global, one of the biggest campaign donors this election, had a stellar day on November 6, closing up 31.1% at $254.31, bringing its annual gain to 62.1%.

Trading platform Robinhood Markets soared 19.6% that day, joined by Bitcoin miner MARA Holdings. BTC-holding MicroStrategy closed with a gain of over 13%.

Other American Bitcoin miners also saw gains: Riot Platforms jumped 26%, CleanSpark climbed 23%, and Hut 8 rose 11%.

Can Bitcoin Keep Rising?

Throughout the New York trading day, Bitcoin kept hitting new highs, reaching an all-time peak of $76,509.56 just one minute before the New York Stock Exchange closed at 4:00 p.m. (9:00 p.m. UTC). Bitcoin broke its ATH three times in 24 hours.

This spike follows a strong month for Bitcoin, up 20% over the last 30 days. Trump’s victory and his commanding lead in the electoral college have renewed Bitcoin interest, pushing it past previous price records.

Analysts suggest that Trump’s pro-crypto stance could bring favorable regulatory changes, potentially improving market conditions. Technical analyst Gert van Lagen predicts Bitcoin might hit $250,000 by early next year.

He points to the recent inversion of the 10-2 yield curve, a classic recession warning, as a sign that economic conditions could spark a BTC rally.

Now, the industry watches to see if Trump’s bold promises will translate into action. If he delivers, the U.S. could become a leader in crypto adoption, creating jobs and laying down financial alternatives that could impact the crypto industry.

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