Donald Trump’s recent election victory has spurred a notable rally in Bitcoin (BTC), the world’s largest cryptocurrency. Research by Finbold reveals that 11,487 new Bitcoin wallets holding $1 million or more were created within the past 30 days, driven by Bitcoin’s 7.5% price increase since Trump’s strong electoral college lead became evident.
As of the latest data, 132,842 Bitcoin addresses hold over $1 million in BTC. Of these, 121,126 wallets contain between $1 million and $9.99 million, while 11,697 addresses hold $10 million or more.
The analysis draws on historical data, comparing Bitcoin holdings from October 7, 2024, accessed through the Wayback Machine, to the most recent figures as of November 6, 2024, showing the significant rise in high-value Bitcoin accounts post-election.
Will the Trump Bitcoin rally continue long-term?
Though the rocketing price of BTC – and the number of cryptocurrency millionaires – has been driven at least partly by the sudden removal of uncertainty on who will enter the Oval Office come January, low volatility is not guaranteed.
As Jordan Major, a co-author of the research, pointed out:
“Even with the election settled, volatility remains high for Bitcoin, which has swung sharply over the last 24 hours. Many traders may be looking to lock in gains from the recent surge.”
Still, it remains likely that Bitcoin will regain its upward momentum in the coming months.
The fact that one of the first things BTC did once Trump’s victory became all but certain was to reach a new all-time high (ATH) at $75,358 bodes well, and another similarly rapid surge could occur already on January 20, 2025, when he takes office.
Why the number of Bitcoin millionaires is rocketing
The great Bitcoin rally has most likely been driven by a combination of factors, including the removal of uncertainty as the Associated Press (AP) called the election and Donald Trump’s stance on cryptocurrencies, which is perceived as far more amicable than Kamala Harris’s.
Indeed, the second Trump administration will likely have the original Bitcoin candidate – Robert F. Kennedy Jr. – and one of the community’s darlings, Tesla (NASDAQ: TSLA) CEO Elon Musk.
Additionally, the election of a more friendly candidate could help finally propel BTC towards the long-expected $100,000 and beyond. However, it is worth pointing out that some institutions – such as Bernstein – believed such a move was inevitable.
Finally, removing electoral uncertainty does not guarantee low volatility, as Bitcoin’s path in the last 24 hours has been anything but straight, and many traders may seek to take the profit gained by the surge.