Bitcoin Reaches New All-Time High as Crypto Investors Back Trump in Election
Bitcoin’s price has soared beyond $75,000, surpassing its previous peak set in March and marking a new high for the digital currency.
Bitcoin surged past the $75,000 threshold as cryptocurrency enthusiasts rallied behind former President Donald J. Trump, following initial election results on Tuesday night.
The previous record, set in March at around $73,000, had marked a milestone with the introduction of new Wall Street investment products tied to the cryptocurrency. However, this latest spike appears largely fuelled by the ongoing election. With swing state outcomes still undecided, one influential crypto betting platform showed Trump’s odds nearing 90 percent, spurring a wave of investor optimism.
For many in the cryptocurrency space, a Trump victory signals hope. Over the last two years, the Biden administration has implemented stringent measures to regulate crypto, cracking down on securities violations and prompting some companies to relocate offshore. This regulatory environment has cast doubt on the sector’s future in the United States.
On the campaign trail, Trump pledged to halt the regulatory pressure and position the U.S. as the global “crypto capital.” Even before the election, analysts were speculating that a Trump win might propel Bitcoin’s value to $80,000 or even $90,000.
Bitcoin is notorious for its price swings, crashing in 2022 after a series of scandals rocked the industry, including the high-profile collapse of the FTX exchange. Yet, it has rebounded in 2024, partly thanks to a U.S. government-approved Bitcoin-based exchange-traded fund (ETF), which attracted billions in investment and renewed faith in the digital currency.
The election quickly became the focus for the crypto industry. Crypto firms poured tens of millions into key congressional races nationwide, part of an aggressive push to elect pro-crypto lawmakers. Industry giants Coinbase and Ripple backed super PACs that raised over $170 million to support crypto-friendly candidates in Congress.
While these PACs stayed out of the presidential race, high-profile figures in the crypto world, including Gemini exchange founders Tyler and Cameron Winklevoss, contributed significant funds to Trump’s campaign, underscoring the industry’s stake in the outcome.
