Bitcoin price hits new all-time high as Trump declares victory

Republican candidate has positioned himseld as the ‘crypto candidate’

Donald Trump speaks at the Bitcoin 2024 Conference 27 July, 2024 (The Associated Press)

Bitcoin has surged to a new all-time high after Donald Trump emerged as the likely winner of the US presidential election.

The price of the world’s most valuable cryptocurrency reached above $75,000 on Wednesday morning, beating its previous record of just below $74,000 set in March.

News that Trump was likely to win the White house caused bitcoin to surge more than 10 per cent in the space of just a few hours.

The Republican candidate has positioned himself as the ‘crypto candidate’, promising favourable regulation and the formation of a US bitcoin reserve if he wins.

Trump’s pro-cryptocurrency position has also seen him vow to end what he calls the “persecution” of the crypto industry and to position the United States as the “bitcoin superpower of the world”.

“Trump’s pledge to cut red tape, promote innovation, and attract major investments in the digital asset space has galvanised investors,” Nigel Green, chief executive of financial advisory firm deVere Group, told The Independent.

“Many investors anticipate that a Trump victory will clear the path for mainstream adoption and regulation that is both favourable and necessary for bitcoin’s continued growth. Also, public backing from influential figures in the crypto world has given Trump’s campaign substantial credibility among tech investors. This pro-crypto narrative could pave the way for regulatory clarity, bolstering institutional investments that could send bitcoin to unprecedented heights.”

Mr Green forecasts a potential price rally beyond $80,000 in the short term, though analysts also warn of the cryptocurrency’s historic volatility.