Bitcoin reached a record high of over $75,000 on Wednesday, spurred by news that Donald Trump is likely to reclaim the White House. This latest peak surpasses its previous high of just under $74,000, set in March, marking a significant milestone for the cryptocurrency market.
The price surge of over 10 per cent in mere hours comes as Trump positions himself as a champion for cryptocurrency. As part of his campaign, the Republican candidate has promoted a pro-crypto agenda, pledging to reduce regulation and form a US bitcoin reserve. He has also promised to end what he describes as the “persecution” of the cryptocurrency industry, aiming to establish the US as a global leader in digital assets.
Trump’s crypto-friendly stance has resonated with investors, sparking excitement in the market. “Trump’s pledge to cut red tape and promote innovation in digital assets has galvanised investors,” said Nigel Green, CEO of financial advisory firm deVere Group. According to Green, many believe a Trump presidency would encourage mainstream adoption of cryptocurrency and establish regulatory frameworks supportive of bitcoin’s growth.
While the optimism around Trump’s potential win has boosted bitcoin’s value, some analysts caution against overconfidence. Bitcoin is historically volatile, and any sharp price increases may be followed by significant corrections. Nonetheless, some investors remain hopeful, with Green predicting a potential rally to over $80,000 in the near term.
