Bitcoin has soared to an unprecedented high of over $75,000, fueled by growing optimism among cryptocurrency investors regarding former President Donald J. Trump’s chances in the recent election. This remarkable surge surpasses the previous record of approximately $73,000 set in March, coinciding with the launch of new investment products linked to the digital currency on Wall Street.
While key swing state results are still pending, betting odds on a prominent crypto-focused platform indicate nearly a 90% likelihood of a Trump victory. Many in the crypto community believe that a Trump administration would be beneficial for the industry, especially after the Biden administration’s stringent regulatory measures aimed at curbing securities violations among crypto firms. These regulations have led some companies to relocate abroad and raised concerns about the future of cryptocurrency in the U.S.
Throughout his campaign, Trump pledged to reverse the regulatory tide and position the United States as the “crypto capital of the planet.” Analysts speculate that if he wins, Bitcoin could potentially reach between $80,000 and $90,000.
Despite its notorious volatility—exemplified by a significant price drop in 2022 following a series of scandals that culminated in the collapse of the FTX exchange—Bitcoin has rebounded strongly this year. The introduction of a new Bitcoin-linked exchange-traded fund (ETF) on Wall Street attracted billions in investments, driving prices higher.
As the election approached, the crypto sector mobilized extensively, investing tens of millions to influence critical congressional races. This effort represents one of the most aggressive corporate spending campaigns in modern political history. Notably, super PACs funded by major players like Coinbase and Ripple raised over $170 million to support pro-crypto candidates. While these PACs did not engage directly in presidential campaigning, influential figures such as Tyler and Cameron Winklevoss, founders of Gemini exchange, made significant contributions to bolster Trump’s campaign.
The intersection of politics and cryptocurrency is becoming increasingly pronounced as investors closely watch how this election cycle will shape the future landscape of digital currencies.
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