Optimism that Trump will fulfill his promises to make the U.S. the "crypto capital of the planet" and bitcoin a "permanent national asset" has made its price surge 20% in the week since his victory, reaching an all-time high of more than $93,000 per token and a market cap of over $1.8 trillion. This makes bitcoin the world’s seventh-largest asset behind gold and five U.S. tech giants, including Nvidia, Apple, Microsoft, Amazon and Google.
The surge in bitcoin ahead of what appears an increasingly likely announcement by the US that it will formally buy crypto for the US Treasury has prompted speculation that other nations are doing the same in hopes of acquiring the scarce asset before Uncle Sam swoops in and buys it up.