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
Singh won't support Conservative non-confidence motion that uses his own words
NDP Leader Jagmeet Singh says he won't play Conservative Leader Pierre Poilievre's games by voting to bring down the government on an upcoming non-confidence motion.
Calgary man who drove U-Haul over wife sentenced to 15 years
A Calgary man who killed his wife in 2020 when he drove over her in a loaded U-Haul has been sentenced to 15 years behind bars.
South Korean president says he will lift martial law after lawmakers vote to reject his move
South Korean President Yoon Suk Yeol said early Wednesday that he would soon lift the military rule he imposed overnight, after the parliament voted to reject his martial law declaration.
Canada Post strike: Kids no longer need to mail their letters to Santa by the end of the week
Canada Post says it has removed the deadline for its Santa Claus letter program amid an ongoing national workers' strike that has halted mail delivery leading up to the holiday season.
Should Canada be America's 51st state? Trump was 'teasing us,' says minister
Prime Minister Justin Trudeau will meet with all opposition leaders today before question period to brief them about his meeting with U.S. president-elect Donald Trump.
Man severely injured saving his wife from a polar bear attack in the Far North
A man was severely injured Tuesday morning when he leaped onto a polar bear to protect his wife from being mauled in the Far North community of Fort Severn.
Video shows 'completely unprovoked' stranger attack in Vancouver, police say
Police in Vancouver are searching for witnesses after a seemingly random and unprovoked assault was captured on video in the city's downtown core.
Family feels abandoned by Canada as woman struggles to flee civil war in Syria
It is the first time control of the city has shifted since 2016, when government forces, backed by Russia and Iran, defeated the rebels who controlled Aleppo's eastern districts.
Walking pneumonia cases in Ontario have nearly tripled since 2019: report
The number of walking pneumonia cases seen in Ontario this year is triple the amount of what was reported in 2019, before the COVID-19 pandemic.
Local Spotlight
Winnipeg city councillor a seven-time provincial arm wrestling champ
A Winnipeg city councillor doesn’t just have a strong grip on municipal politics.
Watch: Noisy throng of sea lions frolic near Jericho Beach
A large swarm of California sea lions have converged in the waters near Vancouver’s Jericho and Locarno beaches.
Auburn Bay residents brave the cold to hold Parade of Lights
It was pretty cold Saturday night, but the hearts of those in a southeast Calgary neighbourhood warmed right up during a big annual celebration.
Three million grams of cereal collected to feed students in annual Cereal Box Challenge
The food collected will help support 33 breakfast and snack programs in the Greater Essex County District School Board.
Regina's LED volume wall leaving Sask. months after opening
Less than a year after an LED volume wall was introduced to the film world in Saskatchewan, the equipment is making its exit from the province.
Temperature records broken, tied following latest snowfall in Saskatchewan
Saskatchewan received yet more snow as winter continues to ramp up on the prairies. With the increased precipitation, communities have recorded dipping temperatures – with a handful breaking or tying longstanding records.
'My dear Carmel': Lost letters returned to 103-year-old Guelph, Ont. woman
A young history buff was able to reunite a Guelph, Ont. woman with letters written by her husband almost 80 years ago.
'We have to do something': Homeless advocates in Moncton reaching out for help over holidays
Twice a week, Joanne and Jeff Jonah fill up their vehicle full of snacks and sandwiches and deliver them to the homeless in downtown Moncton, N.B.
100-year-old Winnipeg man walks blocks to see his wife
It's considered lucky to live to be 100, but often when you hit that milestone, you're faced with significant mobility issues. Not Winnipeg's Jack Mudry. The centenarian regularly walks five blocks to get where he wants to go, the care home where his wife Stella lives.