LONDON — On Wednesday, bitcoin reached an unprecedented milestone as investor enthusiasm surged, driven by speculation that former President Donald Trump’s potential success in the upcoming U.S. presidential election could favor cryptocurrencies.
The value of bitcoin surged close to 8%, peaking at an impressive $75,345.00 in early trading, although it later settled around $73,500.00.
Historically skeptical about cryptocurrencies, Trump has recently shifted his stance, now expressing a supportive outlook on digital currencies in light of the election.
He has voiced intentions to transform America into a “crypto capital” while aiming to establish a “strategic reserve” of bitcoin. His campaign has actively accepted cryptocurrency donations and he engaged with crypto enthusiasts at a bitcoin conference this past July. Additionally, he initiated World Liberty Financial, a new family-run business focused on cryptocurrency trading.
“Bitcoin has always had the potential to skyrocket if Trump makes a comeback in the White House,” remarked Russ Mould, the investment director at AJ Bell, a prominent online investment platform in the UK. The cryptocurrency market is now buzzing with predictions about “when, rather than if, it will eclipse $100,000,” he commented.
“Trump has openly embraced the digital currency, and crypto traders now have an exciting new narrative boosting their speculation about future price movements,” Mould added.
