Bitcoin has reached a new all-time high as Donald Trump emerged winner of the U.S 2024 presidential election.
The price of the world’s most expensive cryptocurrency surpassed $75,000 on Wednesday morning, breaking the previous record of little under $74,000 set in March.
Earlier, the news that Trump was likely to win the presidency drove bitcoin to spike by more than 10% in only a few hours.
The Republican candidate has positioned himself as the ‘crypto candidate’, promising favorable regulation and the establishment of a US bitcoin reserve if elected.
Trump’s pro-cryptocurrency position has also seen him vow to end what he calls the “persecution” of the crypto industry and to position the United States as the “bitcoin superpower of the world”.
Also, public backing from influential figures in the crypto world gave Trump’s campaign substantial credibility among tech investors.
This pro-crypto narrative could pave the way for regulatory clarity, bolstering institutional investments that could send bitcoin to unprecedented heights.
Digital asset investors and executives are hoping that Trump will deliver on some of his election promises, including to build a US bitcoin strategic reserve and fire Gary Gensler, the Securities and Exchange Commission chair, who has been vilified by crypto enthusiasts.
