“The first day” is one of Donald Trump’s favorite phrases. Your “first day” at work, the day after you join, January 20, 2025, will therefore be very busy. In the crosshairs, Gary Gensler is particularly concerned. It must be said that the chairman of the SEC, the authority of the American financial markets, symbolizes the regulation that Trump hates. He is also a sworn enemy of cryptocurrencies, a den, according to him, of criminals and thieves. Gensler warned on Thursday, November 21, that he would leave on January 20.
This perspective and candidate Trump’s words presenting bitcoin and its counterparts as a force for America have logically propelled these stateless currencies to new heights. Bitcoin has soared 50% and dogecoin, which Elon Musk has widely promoted, has seen its price rise 2.6-fold since the election. According to the specialized site CoinGecko, the cryptocurrency market has already reached 3.4 billion dollars (3.2 billion euros), half of which corresponds solely to bitcoin.
A euphoria never seen since the bubble of 2000
This asset class is not the only one welcoming the political shift in Washington. For the first time in its history, the US stock market’s flagship index, the S&P 500 (the top 500 quotes), surpassed the 6,000 point threshold on November 11, before falling slightly since then. A euphoria that is beginning to question some observers.
In a note dated November 18, Bruno Jacquier, an economist at Atlantic Financial, points out that the portfolio of American households is made up of 42% of stocks, and even 70% of individual investors (those individuals who make a living with their investments). . He also points out that there are many more optimists than pessimists in the market and that the valuation levels of the shares, 28 times the profits, are “stratospheric”. There are so many elements that characterize a euphoria never seen since the bubble of 2000. For him, a violent correction is not in doubt. But when? Faced with the next sign of economic slowdown. We are not necessarily very far from it. And bitcoin, which generally evolves like the stock market, will not escape the rule.
