Bitcoin spikes to record as traders expect Trump's victory to boost cryptocurrencies
The value of bitcoin surged to a record on Wednesday as investors anticipated that the election victory of former President Donald Trump, in the U.S presidential election would benefit cryptocurrencies significantly.
Bitcoin surged by 8% hitting an all time high of $75
Trump used to be skeptical about cryptocurrency. He later shifted his stance and started supporting cryptocurrencies leading up, to the election.
He promised to turn America into "the leading hub for cryptocurrencies " establishing a bitcoin "strategic reserve." During his campaign fundraiser events and appearances at a conference in July to engage with crypto enthusiasts directly in the industry was evidence of his commitment to the cause of digital currencies.He also founded World Liberty Financial, alongside family members as an initiative dedicated to trading various cryptocurrencies.
Russ Mould, from AJ Bell believes that Bitcoin would have seen a surge if Trump had won the presidential election again and returned to the White House."Now that Bitcoin has hit a peak " he mentioned that there is speculation surrounding when it will surpass $100K rather than questioning if it will happen."
Mould mentioned that Trump has expressed his fondness, for currency giving crypto traders a fresh angle to fuel their enthusiasm about potential price movements.
Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.