LONDON (AP) — The price of bitcoin hit a new high Wednesday as investors bet former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies.
Bitcoin rose nearly 8% in early trading to a record $75,345.00 before falling back to around $73,500.00.
Previously a crypto skeptic, Trump changed his mind and took a positive stance on cryptocurrencies prior to the election.
He promised to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted cryptocurrency donations and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
“Bitcoin is the one asset that was always going to rise if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After hitting its new high, the market is now speculating about “when, not if, it will break $100,000,” he said.
“Trump has already expressed his love for the digital currency and crypto traders now have a new story to get even more excited about where the price could go,” Mold said.
