- Bitcoin reached record high of $74,139 on November 6, one day after election day.
- Trump’s victory will catalyst the world’s first cryptocurrency to another level.
What happened
As traders wager on Donald Trump winning the US presidential election—the tycoon is viewed as the pro-crypto candidate—Bitcoin has surged to a new record high. The digital currency surpassed its previous all-time high of $73,797.98 in March to reach as high as $75,005.08 on Wednesday morning. “The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,”Prior to Tuesday’s US election, Russ Mould, an analyst at AJ Bell, stated.
“A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory,” before the vote, Nigel Green of deVere also commented. In addition to appointing tech billionaire and right-wing conspiracy theorist Elon Musk to lead a comprehensive audit of government waste, Trump has promised to turn the US into the “bitcoin and cryptocurrency capital of the world.”
Also read:Bitcoin reaches $70K for the first time in months as election and earnings loom
Also read:BlackRock’s Mitchnick sees bitcoin as a ‘risk-off’ asset
Why it’s important
Trump has been seen as a pro-crypto presidential candidate in the race with some big promises in innovating the crypto-market if elected. Now the bitcoin price is at record high at $74,139. Trump scored many crypto leaders in ‘help’ with the election campaign and selected long-time crypto investor JD Vance as his running mate. He wanted all remaining bitcoin to be produced in the US, which means bitcoin to be 100% belongs to the US government, as he stated in a social media post. Forbes showed the statistical figure of election betting on the republican party with the bitcoin prices highly synchronized.
Trump’s re-election will greatly change the crypto market and the regulation of bitcoin in the following. As Trump’s vows addressed in rallies favors the industry for cash inflows and massive investment. The win of the republican party will push the innovation of crypto by executive order to instruct the federal government, that is to say potential regulation law will be established in developing crypto-market and financial technology in general, further assert the dominance in the field.
