Bitcoin hits US$80K. Why Trump is boosting crypto
Bitcoin on Sunday hit a new record above US$80,000. The world’s largest cryptocurrency surged in the run-up to Tuesday’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.
Bitcoin is up 80 per cent this year, dwarfing the S&P 500’s still-electric 25.7 per centgain this year. After briefly touching the $80,000 milestone, bitcoin was trading just below it Sunday mid-morning.
The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto.
A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.
“It’s very young and very growing,” Trump said of the cryptocurrency industry on September 16 while unveiling World Liberty Financial. “I do believe in it.”
The Biden administration, by contrast, has been far more skeptical of crypto. Securities and Exchange Commission Chairman Gary Gensler said in June 2021, in one of his first speeches in his then-new job, that crypto was “ripe with fraud, scams and abuses.”
Gensler’s SEC sued crypto companies and worked to regulate the industry, which the chairman said he believed was at least partially made up of securities that were trading illegally. The SEC also partnered with other regulators, including the Department of Justice, going after crypto fraudsters — most notably Sam Bankman-Fried, the infamous CEO of FTX.
Gensler slow-walked — but eventually approved — a bitcoin exchange-traded fund, allowing people to add exposure to cryptocurrencies in their retirement accounts. In January 2024, Gensler’s X account was hacked, and his account falsely posted that the long-awaited bitcoin ETF was open for business, temporarily sending cryptocurrencies surging.
Trump said in August that cryptocurrencies could “define the future,” adding he wanted it “mined, minted and made in the USA.” The president-elect also proposed a strategic national bitcoin stockpile, akin to America’s strategic petroleum reserve, directly purchasing and investing in cryptocurrencies as a national security measure.
Elon Musk, one of Trump’s most visible and ardent supporters, is a notorious crypto bull. Musk’s favorite coin, Dogecoin, surged more than 20 per cent on Sunday and had been soaring all last week.
CTVNews.ca Top Stories
WATCH LIVE Federal Labour Minister Steven MacKinnon provides update on Canada Post strike
Federal Labour Minister Steven MacKinnon is holding news conference this morning to provide an update on the strike at Canada Post.
The biggest changes to Canada's mortgage rules, according to a broker
Canada's new federal mortgage rules are coming into effect Sunday. A broker says this is what would-be buyers need to know.
Upcoming GST relief causes confusion for some small Canadian businesses
A tax break for the holiday season will start this weekend, giving some Canadians relief on year-end shopping. But for small businesses, confusion around what applies for GST relief has emerged.
U.S. Olympic and Paralympic officials put coach on leave after AP reports sexual abuse allegations
The U.S. Olympic & Paralympic Committee placed an employee on administrative leave Thursday after The Associated Press reported that one of its coaches was accused of sexually abusing a young biathlete, causing her so much distress that she attempted suicide.
B.C. Supreme Court certifies class-action lawsuit against Airbnb
The B.C. Supreme Court has certified a class-action lawsuit against Airbnb that alleges the short-term rental company has breached provincial consumer protection laws by offering unlicensed real estate brokerage and travel agent services.
Ontario mulls U.S. booze ban as Trump brushes off Ford's threat to cut electricity
Incoming U.S. president Donald Trump is brushing off Ontario's threat to restrict electricity exports in retaliation for sweeping tariffs on Canadian goods, as the province floats the idea of effectively barring sales of American alcohol.
Country star Morgan Wallen sentenced in chair-throwing case
Country music star Morgan Wallen on Thursday pleaded guilty to two misdemeanour counts of reckless endangerment for throwing a chair from the rooftop of a six-storey bar in Nashville and nearly hitting two police officers with it.
Huge and rare Mekong catfish spotted in Cambodia, raising conservation hopes
Six critically endangered Mekong giant catfish — one of the largest and rarest freshwater fish in the world — were caught and released recently in Cambodia, reviving hopes for the survival of the species.
Meta gives in to CRTC disclosure order on Online News Act compliance
After initially fighting the Canadian Radio-television and Telecommunications Commission, Meta has complied with an order from the regulator to publicly disclose information about its news-blocking measures.
Local Spotlight
140-pound dog strolls solo into Giant Tiger store in Stratford, Ont.
A furry, four-legged shopper was spotted in the aisles of a Giant Tiger store in Stratford, Ont. on Sunday morning.
North Pole post: N.S. firefighters collect letters to Santa, return them by hand during postal strike
Fire departments across Nova Scotia are doing their part to ensure children’s letters to Santa make their way to the North Pole while Canada Post workers are on strike.
'Creatively incredible': Regina raised talent featured in 'Wicked' film
A professional dancer from Saskatchewan was featured in the movie adaptation of Wicked, which has seen significant success at the box office.
Montreal man retiring early after winning half of the $80 million Lotto-Max jackpot
Factor worker Jean Lamontagne, 63, will retire earlier than planned after he won $40 million on Dec. 3 in the Lotto-Max draw.
Man, 99, still at work 7 decades after opening eastern Ontario Christmas tree farm
This weekend is one of the busiest of the year for Christmas tree farms all over the region as the holidays approach and people start looking for a fresh smell of pine in their homes.
Saskatoon honours Bella Brave with birthday celebration
It has been five months since Bella Thompson, widely known as Bella Brave to her millions of TikTok followers, passed away after a long battle with Hirschsprung’s disease and an auto-immune disorder.
Major Manitoba fossil milestones highlight the potential for future discoveries in the province
A trio of fossil finds through the years helped put Manitoba on the mosasaur map, and the milestone of those finds have all been marked in 2024.
The 61st annual Christmas Daddies Telethon raises more than $559,000 for children in need
The 61st annual Christmas Daddies Telethon continued its proud Maritime tradition, raising more than $559,000 for children in need on Saturday.
Calgary company steps up to help grieving family with free furnace after fatal carbon monoxide poisoning
A Calgary furnace company stepped up big time Friday to help a Calgary family grieving the loss of a loved one.