Bitcoin hits record high as pro-crypto candidate Trump leads in US election results
Trump speaking on Bitcoin 2024 convention. (Getty)
Bitcoin reached a new all-time high as early U.S. election results showed Republican candidate Donald Trump leading the race. His surge in the polls, seen as a boost for the cryptocurrency-friendly policies he advocates, pushed Bitcoin (BTC) to hit $75,000 in early trading, breaking its previous record.
The cryptocurrency closed at $69,400 the day before the election results, but as Trump’s prospects for securing the U.S. presidency became more apparent, Bitcoin’s price soared. At 06:00 GMT, BTC briefly touched $75,000, marking its highest point ever.
The sharp upward movement was followed by brief consolidation, with BTC finding support near $74,000 as investors digested the results. Experts suggest that should Trump secure a definitive victory, Bitcoin could climb even higher in the coming days, with projections indicating potential growth toward $80,000 to $90,000.
Alliance Bernstein, a U.S.-based asset management firm, had forecast earlier in the week that a Trump win could see Bitcoin pushing past these levels, capitalizing on investor optimism regarding his stance on cryptocurrencies. Many in the crypto community are hopeful that Trump’s policies, which have been favorable to the industry, will continue to drive Bitcoin’s price upward.
Trump’s position on Bitcoin has been clear throughout the election campaign. In contrast to his Democratic rival, Vice President Kamala Harris, Trump has consistently voiced support for digital currencies. Earlier this year, he promised to make the U.S. “the world’s crypto capital” during a Bitcoin conference. He also pledged not to sell any of the government’s Bitcoin holdings.
In addition to these remarks, Trump has proposed a shakeup of U.S. financial regulatory bodies, including removing Securities and Exchange Commission (SEC) Chairman Gary Gensler and replacing him with a more crypto-friendly figure. This stance has bolstered confidence in the cryptocurrency markets, leading many to believe that a Trump presidency could fuel further growth in the sector.
