Bitcoin soared to a new record high of $75,389 on Wednesday as cryptocurrency investors reacted to the expected U.S. presidential victory of Donald Trump, who has pledged to make the United States “the bitcoin superpower of the world.”
The price climbed nearly 8% to its peak before settling around $73,500, breaking March’s record of $73,803.25, with smaller tokens like ether and solana also making gains of 8.6% and 11% respectively, while Dogecoin surged 16% to 20 cents.
Trump’s victory in key swing states including Pennsylvania, North Carolina, and Georgia, fueled investor sentiment. His campaign openly courted crypto enthusiasts, promising to make America “the crypto capital of the planet” and pledging to build a “strategic reserve” of bitcoin. At a bitcoin conference in July, he also announced his latest venture, World Liberty Financial, which has already raised $14.7 million by selling tokens without offering any ownership stake.
Brian Armstrong, CEO of Coinbase, stated, “Tonight the crypto voter has spoken decisively… Americans disproportionately care about crypto and want clear rules of the road for digital assets.”
Crypto proponents are optimistic that Trump will deliver on his promise to remove SEC chair Gary Gensler, who has filed multiple lawsuits against major crypto players such as Coinbase, Kraken, and Ripple Labs. Bitwise CIO Matt Hougan said, “The election night bump… signals the industry’s growing confidence in a potentially neutral or positive regulatory environment.”
Cryptocurrency miners saw shares rise sharply, with Riot Platforms up 11.5%, Marathon Digital up 10.3%, and Core Scientific up 7.5% in pre-market trading. Jake Ostrovskis, a trader at Wintermute, highlighted that a Republican victory increases the chances of crypto-friendly legislation in Congress. Adding to the positive outlook, BlackRock’s bitcoin exchange-traded fund saw inflows of over $2.4 billion in the past week, pushing its total assets to $29 billion.
Trump’s evolving stance on cryptocurrencies has transformed him from a crypto skeptic to an outspoken supporter. This pro-crypto shift comes as the value of Bitcoin and other digital assets appear increasingly linked to his influence, with Trump’s social media group’s stock often serving as an indicator for market movement.
Despite previous dips, including a sharp fall below $50,000 in August, bitcoin’s recent resurgence reflects heightened optimism among investors ahead of the new year.
