Trump’s victory sparks crypto frenzy and sends Bitcoin to all-time high

LONDON — The price of Bitcoin hit a new high on Wednesday as investors bet that Donald Trump’s victory in the US presidential election will be a boost for cryptocurrencies.

Bitcoin rose nearly 8% in morning trading, topping $75,000 and breaking a record set in March. Other cryptocurrencies also rose, including Ether, the world’s second most popular cryptocurrency after Bitcoin, which rose 8%.

Trump used to be skeptical about cryptocurrencies, but changed his mind before the election.

He promised to make the US the “cryptocurrency capital of the world” and create a “strategic reserve” of bitcoin. His campaign accepted cryptocurrency donations and attracted cryptocurrency fans to a conference in July. He and his family members also launched World Liberty Financial, a cryptocurrency trading startup.

Bitcoin is up 77% this year.

“Bitcoin is the one asset that will always skyrocket if Trump returns to the White House,” said Russ Mould, chief investment officer of AJ Bell, a British cryptocurrency platform. After hitting a new high, the market is now wondering “when, not if, it will break $100,000,” he said.

“Trump has already declared his love for digital currency, and cryptocurrency users now have a new story to tell that may be even more excited about where the price might go,” Mold said.

Crypto industry players cheered Trump’s victory, hoping he could push through the legislative and regulatory changes they’ve long asked for.

Trump has already promised that if elected, he will remove the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, who led the US government’s fight against the cryptocurrency sector.

“The cryptocurrency voter spoke out forcefully tonight—across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the largest cryptocurrency platforms. “Americans disproportionately care about cryptocurrency and want clear rules of the game for digital assets. We look forward to working with the new Congress to achieve this goal,” Armstrong wrote on social media X.

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This story was translated from English by an AP editor using a generative artificial intelligence tool.