Cryptocurrencies like Bitcoin have surged in value with the election of Donald Trump. When it became clear that the Republican candidate would become the 47th US president, the original digital coin’s value shot up and has continued to rise. Bitcoin has more than doubled its value from its low this year now crossing the $80,000 mark for the first time in its history.

The election of Trump and other pro-crypto candidates to congress has made investors bullish that the political landscape will be more friendly to the digital asset class. However, the president-elect is a relatively recent crypto convert, changing his perception that it’s “based on thin air” to vowing to make the US the “crypto capital of the planet.”

This is the real reason why Donald Trump is boosting cryptocurrencies

Trump’s cheerleading for cryptocurrencies, which he had previously called a “scam” and a “disaster waiting to happen,” came as he tried to rally support among young men during his 2024 campaign. This group is much more likely to invest in cryptocurrencies.

El País notes that crypto investors, who are often referred to as crypto bros, typically adhere to traditional gender stereotypes. In the final days of this year’s race for the White house the Trump campaign centered its focus on masculinity.

It also most likely didn’t go unnoticed that right-wing politicians in other countries like El Salvador and Argentina who promoted cryptocurrencies were swept to power in recent years.

Another reason Trump is supporting cryptocurrencies is that he along with his sons set up their own digital token. World Liberty Financial launched in October and shortly afterward its website crashed from excessive traffic.

Despite that early enthusiasm, the venture has drastically lowered its fundraising goal from $300 million to just $30 million. CoinDesk reports that as of the end of October, the World Liberty Financial wallet has only received around $14 million worth of cryptocurrencies from investors purchasing WLFI tokens.