Bitcoin Hits Record High as Investors Bet on Trump Victory
Bitcoin has surged to a new record high as investors speculate on a potential Donald Trump victory in the US presidential race, viewing him as a pro-crypto candidate. The cryptocurrency climbed to an impressive $75,005.08 on Wednesday morning, surpassing its previous peak of $73,797.98 reached in March.
Russ Mould, an analyst at AJ Bell, highlighted that Bitcoin’s price has closely mirrored Trump’s polling trends and odds in betting markets. “Investors are likely seeing a Republican win as a driver of increased demand for Bitcoin,” Mould stated in anticipation of the election.
Despite once labeling cryptocurrencies as fraudulent during his presidency, Trump has since adopted a more favorable stance, even launching his own digital platform. Nigel Green, CEO of deVere, commented, “A Trump win could be the turning point that propels Bitcoin further into record territory.” Green noted that Trump’s potential return could renew emphasis on deregulation and economic policies that benefit alternative assets like Bitcoin.
Trump has pledged to transform the United States into a global hub for cryptocurrency, with plans to appoint Elon Musk to lead a comprehensive review of governmental inefficiencies. In his previous term, Trump’s corporate tax reductions spurred market liquidity, which contributed to increased investments in high-growth assets, including digital currencies.
Recently, Trump introduced a new digital platform, World Liberty Financial, alongside his sons and other entrepreneurs. However, its initial token sale encountered challenges, with only a small portion of tokens being sold. The platform allows users to lend or borrow cryptocurrencies, similar to existing services like Aave.
Cryptocurrencies have consistently made headlines, whether due to dramatic price swings or high-profile failures, such as the collapse of FTX. In a notable move ahead of the election, Trump reportedly became the first former president to use Bitcoin for a purchase, buying burgers at a New York City restaurant in what was hailed as a “historic transaction.” “Who wants a hamburger?” he announced in September, shortly after launching his platform.
