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Bitcoin surged to a record high as crypto investors celebrated the likely election victory of Donald Trump, who has committed to making the United States “the bitcoin superpower of the world.”
The price of the world’s most valuable cryptocurrency soared above $75,000 on Wednesday morning (Nov. 6), surpassing its previous record of just under $74,000 set in March.
News of Trump’s expected victory in the White House race drove Bitcoin up by more than 10 per cent within just a few hours. At the time of writing, cryptocurrency was trending on X, with users celebrating the rise of Bitcoin.
That’s my bitcoin prediction $167,000 #ElectionDay #Cryptocurrency #Bitcoin #Trump2024 #ELON2024 pic.twitter.com/xVHCEqT4Nr
— Emraan Khan (@_ikhaan) November 6, 2024
Investors had expected some volatility in Bitcoin trading until a clear election winner emerged. A victory for Vice President Kamala Harris was thought to pose downside risks to Bitcoin’s price, while traders predicted a price bump if Trump were to win. Gemini co-founder, Tyler Winklevoss, posted on X: “We are on the brink of a new American Renaissance.”
We are on the brink of a new American Renaissance.
— Tyler Winklevoss (@tyler) November 6, 2024
Trump positions himself as the ‘crypto candidate’ as Bitcoin surges
The Republican candidate had branded himself as the “crypto candidate,” pledging favorable regulation and even proposing the creation of a U.S. Bitcoin reserve if elected.
Trump’s pro-crypto stance also includes a vow to end what he describes as the “persecution” of the cryptocurrency industry and to establish the United States as the “bitcoin superpower of the world.”
He is said to own at least $1 million worth of crypto and promised to create a United States strategic Bitcoin (BTC) reserve. In July, he claimed that if re-elected, he would dismiss SEC Chairman Gary Gensler on his first day in office, who has been accused of being aggressive against participants in the crypto industry.
In August, ReadWrite reported that Trump had launched his very own cryptocurrency platform, named “The DeFiant Ones.” Since then, the Trump family released its crypto project, World Liberty Financial, which opened up sign-ups in October.
A recent report, published in the same month, says “crypto corporations are by far the dominant corporate political spenders in 2024…
“Nearly half (44%) of all corporate money contributed during this year’s elections ($274 million so far) came from crypto backers.”
Polymarket, a decentralized betting platform allowing users to place wagers on a wide range of topics, has regularly had Trump as the winner of the election. It’s on betting platforms where Trump saw the swing in his favor.
Featured image: Ideogram
