Bitcoin Soars to New Record High as Investors Expect Trump to Make Good on Crypto Promises

Investors in leading cryptocurrency Bitcoin were already driving up the price of the token days before Donald Trump would win the 2024 US elections and once again assume the mantle of President-Elect.

Investors in leading cryptocurrency Bitcoin began driving up the price of the token days before Donald Trump would win the 2024 US elections and once again assume the mantle of President-Elect.

In the wake of his re-election, Bitcoin has leapt to a new record high price against the US Dollar as investors and crypto enthusiasts expect Trump to make good on a series of crypto-boosting promises he made in July during his election campaign.

As of Wednesday evening, Bitcoin surged to over $76,000 after Trump was declared the victor of the elections by a number of publications, including CNN and the Associated Press (AP).

Despite polling suggesting a tighter race between Trump and Vice President Kamala Harris, the actual election saw Trump leading in several important states like Pennsylvania, Arizona, Michigan, and North Carolina.

Crypto investors are hoping for fewer regulations around digital tokens as well as more government support.

Earlier this year in a nearly 50-minute keynote during the Bitcoin 2024 convention, Trump promised to make America into the “cryptocurrency capital of the world” and establish a “national Bitcoin stockpile” from all the Bitcoin in the US and what will be acquired in the future.

This hypothetical stockpile, if established, could create a reserve valued at around $14 billion. While the move is economically sound, fewer regulations around crypto run the risk of another FTX happening.

FTX saw a crypto exchange platform scam around one million people out of their crypto assets, to the tune of billions of dollars, leaving them with nothing.

Trump also promised a “Bitcoin and crypto presidential advisory council” and a government-wide effort to mine more cryptocurrency which would require a large amount of energy. Trump said his administration would accomplish this by building more power plants and burning more fossil fuels, flying in the face of climate change regulations imposed by the Joe Biden administration.

It is likely that the President-elect said anything to get elected, but his comments at the convention were exactly what he needed to say, and the repercussions are evident. It is likely that Bitcoin will continue to climb.

[Image - Photo by Ewan Kennedy on Unsplash]