Trump's 2024 Victory Sparks Bitcoin Surge to New All-Time Highs as Investors Bet on Pro-Crypto Policies
Bitcoin has hit a new record high, reaching $75,005.08 on Wednesday morning, as traders seem to rally behind Donald Trump's bid in the US presidential race, positioning him as the most pro-crypto candidate. This peak surpassed the previous all-time high of $73,797.98 from March, driven by growing optimism that a Trump victory could favor cryptocurrency investments.
Analysts, have noted a close correlation between Bitcoin’s price and Trump's standing in polls and betting markets. Investors appear to anticipate that a Republican win could bolster demand for digital assets. Trump, who once criticized cryptocurrencies as a "scam" during his presidency, has recently shifted his stance, even launching his own digital currency platform, World Liberty Financial, in September.
Trump’s return to the White House could further drive Bitcoin’s value into "uncharted territory." Trump's deregulatory approach, coupled with potential tax incentives for alternative investments, might fuel a strong demand for Bitcoin. Trump has pledged to transform the US into a "Bitcoin and cryptocurrency capital" if elected, with plans to assign Elon Musk to lead a broad government audit aimed at reducing federal waste.
Trump’s crypto venture, World Liberty Financial, launched with limited success this month, struggling to attract substantial buyer interest. This platform allows users to lend and borrow digital currencies, akin to services provided by established platforms like Aave. However, the new currency project could gain traction should Trump secure office and steer more focus toward the digital asset market.
Bitcoin’s climb also reflects the larger trend of cryptocurrency volatility and the ongoing appeal of digital currencies as high-growth assets. On the campaign trail, Trump recently made headlines for purchasing burgers with Bitcoin in New York City, marking a unique step for any former president and signaling his support for Bitcoin as a viable currency.