“Crypto Surge in 2024: Bitcoin Doubles in Value as Trump Support Grows”

The global cryptocurrency market has surged by nearly $1.7 trillion in 2024, driven by a wave of optimism following Donald Trump’s election victory.

As of December 30, the combined value of all digital currencies reached $3.29 trillion, a significant rise from $1.6 trillion in January.

Bitcoin, in particular, benefited from this surge, with the so-called “Trump bump” pushing it past the $100,000 mark for the first time. Bitcoin is now priced at $93,700, reflecting a 122% increase since January 1, when it was valued at $42,200.

Ethereum, another leading cryptocurrency, also saw significant gains, rising by 54% to over $3,400.

The crypto market had been steadily growing in the early months of 2024, but it saw a sharp increase after Trump’s election win, fueled by expectations that he will reduce regulations on the industry.

This optimism also attracted a broader range of investors. According to data from Coinglass, more than $109 billion is now invested in Bitcoin exchange-traded funds (ETFs), which track the price of Bitcoin.

The cryptocurrency market is also gaining momentum in the UK, where the Financial Conduct Authority has announced plans to fully regulate cryptocurrencies by 2026. According to the regulator, 12% of people in the UK now own cryptocurrency, up from 10% last year.

Trump’s stance on crypto has shifted significantly. After previously calling Bitcoin a “scam against the dollar,” he has now voiced support for the industry, even saying he wants to make the US the “crypto capital of the planet.” He has also suggested adding Bitcoin to the US Treasury’s strategic reserve, earning him the moniker of “crypto president.”

Trump’s campaign has seen substantial donations from crypto executives and companies. He recently nominated Paul Atkins, a cryptocurrency lobbyist, to chair the US Securities and Exchange Commission, replacing crypto critic Gary Gensler.

Philippe Bekhazi, CEO of cryptocurrency company XBTO, said, “As a more pro-crypto administration takes shape, digital assets are likely to become more integrated into the broader economy, fostering increased adoption among market participants.”

However, Trump’s support for cryptocurrencies comes amid concerns about their use in illicit activities. A report from Chainalysis found that $2.2 billion was stolen from cryptocurrency platforms in 2024, a 21% increase from the previous year. North Korean hackers were responsible for $1.3 billion of these thefts, which have been linked to funding the country’s nuclear and missile programs.

Despite these risks, the growing support for crypto and regulatory changes are driving increased adoption and integration into the global economy.