A few hours after Trump’s election in the USA, bitcoin surpassed the historic high which was set at 73,803.25 dollars. During his first term, the Tycoon had called cryptocurrencies “a scam”. Now he wants to turn the United States into a global digital currency superpower: “We will make America the crypto capital.”
It’s a new one historic high. On Wednesday morning, bitcoin surpassed the previous peak of 73,803.25 dollars reached in March, the digital currency has in fact reached $75,005.08. No wonder, Donald Trump promised during his election campaign to “make the United States the global bitcoin superpower“. He positioned himself as a “pro cryptocurrencies” candidate capable of stopping the “persecution of the sector”.
The increase was recorded on election night. “The price of bitcoin has closely followed Trump’s position in polls and betting markets,” he explained Russ MouldAJ Bell analyst. According to investors, “the Republican victory could lead to an increase in demand for digital currency,” he added. And in fact Trump’s election was greeted with enthusiasm by crypto magnates. Kris MarszalekCEO of the Crypto.com exchange said: “The future of cryptocurrencies has never been brighter like today.” Brian ArmstrongCEO of cryptocurrency exchange Coinbase added: “Tonight the cryptocurrency voter spoke out strongly.”
How much the value of Bitcoin and other cryptocurrencies increased after Trump’s victory
Bitcoin’s new all-time high has caused many stock prices to rise crypto. Ether rose 8.6% to $2,622, Solana rose 11% to $184. The price of the Doge coin meme token increased by 16% to 20 cents. Shares of cryptocurrency mining companies also surged ahead of Trump’s victory. As we have already said, in these hours a bitcoin is sold for $75,005.08: with the current exchange rate we are talking about 70,154.26 euros.
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Why Donald Trump changed his mind on cryptocurrencies
Trump’s was a radical change of position considering that during his first term he had defined cryptocurrencies “a scam“. Now he even announced together with his children a new digital currency platform called World Liberty Financial, at the moment the sales launch has been uncertain and only a fraction of the tokens placed on the market have found a buyer.
Not only that, Trump also became and became the first former president to use bitcoins in a purchase. In fact, in September he bought with the digital currency a hamburger at a New York City restaurant, “this is a historic transaction,” he added after the payment.
What crypto tycoons expect from Trump
Crypto investors are hoping that Trump will realize some of the promises made during the election campaign. Among these is that of replacing Gary Gensler, chairman of the Securities and Exchange Commission. His agency has filed lawsuits against cryptocurrency companies such as Coinbase, Kraken and Crypto.com exchanges, blockchain software company Consensys and payments provider Ripple Labs.
For Jake Ostrovskis, over-the-counter trader at cryptocurrency market maker Wintermute, the Republican presidential victory is an important step. “I think it will be easier to get Congress to approve it legislative proposals relating to cryptocurrencies”. Armstrong added on the topic: “Americans disproportionately care about cryptocurrencies and want clear rules for digital assets“. Second Gautam Chhuganianalyst at Bernstein, Trump’s victory could push bitcoin higher $90,000 by December.
