Other big beneficiaries of Donald Trump’s victory: Elon Musk, Tesla and Bitcoin

Historic day in American politics, Donald Trump’s victory and fiasco Kamala Harris. And therefore, this is a historic day for Bitcoin, which has risen to its highest value ever recorded, for Elon Musk, who has been promised a position in his government by the Republican, and… for Tesla, Musk’s “son”. -.

Focusing on cryptocurrencies, the currency rose by more than 8%, passing barrier $75,000. Bitcoin in particular and cryptocurrencies in general also rose tonight.

To put this in context, let’s remember that in a 2021 Fox News interview, Donald Trump called Bitcoin a “scam.” He even said that his market should be more regulated and that “currency there should be a dollar in the world. With the Republican newspaper library closed and now pushed to 2024, Trump has toned down his rhetoric on regulating virtual currencies to the point of going so far as to say the US should become the “cryptocurrency capital of the planet.”

This and other campaign statements have created optimism among investors as they are now perceived as a more favorable environment for the development and adoption of Bitcoin.

Favorable prognosis

Trump’s victory has caused some weakness in the US dollar, which tends to benefit alternative assets such as Bitcoin. Thus, investors are seeking protection from possible currency devaluation. The rise in prices is also partly due to speculation and positive sentiment in the cryptocurrency market. The president’s outlook, which is perceived as more favorable for the sector, has spurred buying.

Of course, it is important to note that cryptocurrency markets are highly volatile and this rally may be temporary. Investors should keep an eye on political and regulatory developments in the coming days as they may continue to impact the price of Bitcoin.

Another victory for Musk

Relationship between Elon Musk and Donald Trump It has changed significantly in recent years, moving from a distant alliance to a strategic alliance during the 2024 presidential campaign.

The tycoon has shown strong support for Republicans in the past year. So much so that he donated up to $74.95 million to America PAC, a political action committee that supports the Trump campaign. After the assassination attempt in July 2023, he publicly expressed his support, even participating in rallies.

For his part, Trump has already said that if he gets to the White House, Musk will get a place in his new government.

Same interests

Moreover, both share some similar views:

• Trump suggested that Musk could oversee “spending cuts” in the government if he wins the presidential election.
• Musk has expressed readiness to head the “government efficiency department” in a potential Trump administration.