John Authers, Columnist

Trump Trades — Bitcoin Is Boss, Bonds at a Loss

Crypto is along for the ‘Trump-wins’ ride, but a counter-narrative is emerging from economic data and the Madison Square Garden rally.

October 30, 2024 at 4:56 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Harris looks to upstage Trump where he once rallied the Jan. 6 crowd. — Harris looks to upstage Trump where he once rallied the Jan. 6 crowd.
Photographer: Al Drago/Bloomberg

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Bitcoin’s rally is known as the quintessential Trump trade for a reason, and it’s moving to higher heights with barely a week to the US polls. Its March all-time high of about $73,160 is within arm’s length after an astronomical 37.3% rise since the first week of September. The largest crypto asset has now topped $72,000 for the first time since April, turbocharged by inflows into dedicated exchange-traded funds and election speculation.