Asia’s bitcoin wallets bulge as cryptocurrency-convert Trump returns to White House

With bitcoin prices surging, Asia’s digital asset entrepreneurs see new opportunities under Trump 2.0

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Speakers during a panel discussion at the Devcon 7 in Bangkok on November 15. Photo: EFDevcon / Twitter

Published: 4:54pm, 15 Nov 2024Updated: 8:40am, 16 Nov 2024

A few days after Donald Trump won back the US presidency, the orders began to flood in for the small but powerful bitcoin mining boxes – specialised devices used to generate the cryptocurrency – sold by Thai entrepreneur Thana.

“When the bitcoin price surges, it’s not worth buying … it’s better to mine it,” said Thana, requesting anonymity given his client base.

Before the November 5 election, the price of a single bitcoin stood at around US $68,000. Since Trump’s win, it has risen to an all-time high of over US$93,000, before cooling on Friday morning to around US$88,000.

Trump, a former doubter of digital assets, underwent a crypto conversion during his campaign – a position seemingly influenced by donations by digital-asset firms.

He has pledged to turn the US into the global hub for the industry, saying the US needs a bitcoin stockpile. Some supporters suggest he could sell off Federal Reserve gold to gain a vast trove of the digital asset.

Then Republican presidential candidate, former President Donald Trump, speaking at the Bitcoin 2024 Conference on July 27 in Nashville, Tennessee. Photo: Reuters.

For Asia’s cryptocurrency exchanges, traders and miners, that Trump-stirred bounce has translated into 30-35 per cent gains on holdings.