Bitcoin crossed a significant milestone on Monday, surging beyond R1.5-million for the first time, as the cryptocurrency market experiences a renewed rally in the wake of the recent United States election.
Following the election of former U.S. president Donald Trump and a number of pro-crypto legislators, Bitcoin reached an impressive peak of just under US$90,000 on Monday. Market analysts speculate that the election outcomes signal a potential regulatory climate that could favour cryptocurrencies, inspiring investor optimism.
This latest achievement for Bitcoin comes less than nine months after it first surpassed the R1-million mark in February. Since then, Bitcoin’s value has climbed by R500,000, a testament to the accelerated growth of digital assets in the global market.
As of Monday, the world’s largest and most recognized cryptocurrency more than doubled its year-to-date low of US$38,505. It reached an intraday high of $89,940 and was last recorded at $84,551, marking a 5.8% rise since late Sunday.
The optimism surrounding Bitcoin extended to the broader cryptocurrency market, where shares of several crypto-related companies saw impressive gains. US-based cryptocurrency exchange Coinbase Global saw its stock jump over 16%, while iShares Bitcoin Trust rose by more than 9%. Cryptocurrency mining company Riot Platforms also enjoyed a 17% increase, while MicroStrategy, a corporate advocate of Bitcoin, surged nearly 19%.
Trump’s stance on digital assets has bolstered confidence in the sector. During his campaign, he publicly supported cryptocurrency and vowed to establish the U.S. as the “crypto capital of the planet,” even advocating for a national reserve of Bitcoin.
“The latest all-time high is going to be particularly important for the trajectory bitcoin will travel in the next 12 months. I believe crossing $80 000 — which is a nice, big round number — will catch the eye of many investors,”
remarked Anthony Pompliano, founder and CEO of Professional Capital Management, on Monday.
“It is hard to find a compelling argument to be bearish or reserved right now,”
he added.
Changpeng ‘CZ’ Zhao Counters Bitcoin Skepticism
Binance founder Changpeng ‘CZ’ Zhao recently addressed ongoing skepticism surrounding Bitcoin. Taking to X (formerly Twitter), Zhao highlighted the common criticisms faced by the digital currency. By sharing a link to the website “Bitcoin Is Dead,” which tracks repeated claims of Bitcoin’s demise, Zhao emphasized the cryptocurrency’s resilience. Despite longstanding doubts, Bitcoin has continued to demonstrate its staying power within the financial ecosystem.
Zhao’s post was a reminder of Bitcoin’s resilience in the face of skepticism, showcasing how Bitcoin remains robust in a volatile market. While critics have frequently speculated on Bitcoin’s decline, the cryptocurrency has not only survived but thrived, reinforcing its reputation as a pioneering force in decentralized finance.
In an X post on November 12, Zhao pointed to the enduring narrative around Bitcoin’s “death” and encouraged users to critically examine these claims. Sharing the “Bitcoin Is Dead” link, Zhao reinforced Bitcoin’s position as a foundational technology in the cryptocurrency market, one that has persisted despite numerous predictions of failure.
Binance’s Expanding Role in the Crypto Market
Binance, the world’s largest cryptocurrency exchange founded by Zhao, has continued to expand its operations, drawing more users for trading and asset management services. As more individuals and institutions turn to Binance, Zhao’s influence on Bitcoin adoption and market growth only increases. His advocacy for Bitcoin and the broader cryptocurrency industry has contributed to an ecosystem that strengthens Bitcoin’s market position and influence.
However, Binance and its founder Zhao are currently facing legal action from the now-defunct exchange FTX, which is demanding the return of $1.8 billion in funds. This legal conflict comes amid Binance’s active efforts to support Bitcoin’s role in decentralized finance and blockchain innovation.
Bitcoin advocates argue that it remains a crucial technology within the decentralized finance space, offering alternatives to traditional financial systems. Supporters like Zhao assert that Bitcoin’s importance will only grow as the technology continues to mature and adapt to evolving market needs.
As the cryptocurrency market progresses, Bitcoin’s recent performance and growing institutional support may signal a lasting shift. Observers and investors alike are watching closely, as Bitcoin’s latest high could mark the start of a new chapter in its ongoing journey.
