With Donald Trump set to return to the White House, there’s a lot of energy in the Bitcoin community. Just a few hours ago, it became clear that Trump was on the path to victory, with Fox Business having declared him the winner. This is good news for Bitcoin, as Trump is having plans to shape the United States into a “crypto capital.”
Bitcoin’s New Record Price
Alongside anticipation for a Trump win, Bitcoin managed to surge to a fresh all-time high of $75,400, surpassing the previous peak of $73,800. Just after polls closed, Bitcoin began its upward climb.
As swing state results started coming in, the odds seemed to favor Trump, which fed investor enthusiasm and drove up Bitcoin’s price. Not much later, celebrations had already begun as Bitcoin hit this new record. Though it has cooled a bit since then, hovering around $73,100 at the time of writing, interest remains high.
Trump’s Path Back to the White House
With the election map shaping up in his favor, Trump’s win appears almost certain. Major news outlets like Fox Business have already called the election in his favor, which means he will succeed Joe Biden and return to the White House for a second term.
What This Means for Bitcoin
This result holds a lot of potential for Bitcoin. Trump’s return has brought optimism to the market, thanks to his supportive stance on cryptocurrency. He has called himself the “crypto president” and pledged to back policies that could energize the crypto space and in effect Bitcoin. About Bitcoin the 47t president of the United States said during Bitcoin Nashville event:
“Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.”
His plans include creating a national Bitcoin reserve, easing regulations, and supporting the mining industry, saying he wants “all the remaining Bitcoin to be MADE IN THE USA,” and that “America will become the world’s undisputed Bitcoin mining powerhouse.” For many, these steps could mean new opportunities for growth and investment in the crypto world.
Trump has also pledged to commute the sentence of Ross Ulbricht, the Silk Road founder serving two life terms plus 40 years for enabling online trades of various items, including illegal goods, in exchange for Bitcoin, which supporters argue is an overly severe punishment for a non-violent offense.
It will be interesting times ahead now. We can expect some important shifts in coming months in anticipation of the Trump inauguration in January, and this having a positive effect on the price of Bitcoin
As always, we’ll be here to keep you informed on every development at HowToBuyBitcoin.org.