Bitcoin hits all-time high of $75,000 as Crypto investors bet on Trump
As Donald Trump makes his way back to the White House, crypto enthusiasts seem to be placing a significant bet on Bitcoin, sending the world’s largest cryptocurrency surging to an all-time high.
Trump’s campaign pledge to establish the United States as “the bitcoin superpower of the world” has stirred excitement across the crypto industry, fueling a rally that saw Bitcoin soar over 7 percent to a record-breaking $75,389.
Yesterday, Bitcoin opened at $69,861 and touched $70,543 before consolidating at $67,500. However, the prospect of the former president making a comeback to the White House led to a steep rise in the price of the digital asset.
While Bitcoin previously reached a high of $73,777 in March, Bitcoin hit a record $75,389 when it became obvious that he’d win.
In 2020, during Trump’s first term, Bitcoin increased by 416%, rising from $7,161 at the beginning of the year to $28,993. Many crypto investors believe digital coins might witness a significant increase, particularly as Trump, who had also been promoting a new crypto venture, World Liberty Financial, will introduce a more favorable policy on cryptocurrencies.
In Nigeria, where 33 percent of the population, particularly the youth, invest in cryptocurrency, Trump’s win is seen as a victory for the crypto industry.
“Trump is a huge crypto fan,” said Victor Godfirst, a young crypto enthusiast.
“He has his own token $Trump with different collections of NFT’s,” he said, adding that he believe Trumps tenure will bring gains in the crypto world.
Industry leaders in the world of crypto have also expressed enthusiasm for digital currency following Trump’s victory.
“Tonight the crypto voter has spoken decisively,” said Brian Armstrong, CEO of Coinbase, one of the largest crypto exchanges.
“Americans disproportionately care about crypto and want clear rules of the road for digital assets,” he continued, underscoring a common sentiment within the industry.
For crypto leaders and advocates, Trump’s election night triumph and his potential influence in Congress signal a hopeful shift from what they describe as a hostile regulatory environment under current U.S. authorities.
Since the start of his tenure, the Joe Biden administration has cracked down on leaders of major crypto exchanges, some of whom were investigated for financial crimes.
Sam Bankman-Fried, founder of FTX, was sentenced to 25 years in prison over his role in the collapse of his cryptocurrency exchange.
Additionally, Changpeng Zhao, who came under investigation for money laundering, an accusation that led him to leave his role as the former head of the world’s largest cryptocurrency trading company, spent four months in prison. Binance was fined $4.3 billion.
In Nigeria, the crypto crackdown was not spared. Binance left Nigeria after the company was accused of manipulating the naira.
“You can never be so certain with crypto, though,” Victor admitted.
“But at least some of the restrictions from the government towards crypto will probably be lifted. I believe the environment will be good for crypto to thrive,” Victor added.
