Bitcoin, the world's largest cryptocurrency, soared to new all-time highs on Tuesday as results from the U.S. presidential election trickled in, fueling optimism that former President Donald Trump could secure a victory and implement crypto-friendly policies.
According to data from CoinDesk, Bitcoin briefly surpassed $75,000 for the first time, setting a new record high. The digital currency eventually retreated but was still trading around $74,000, up over 5% on the day.
Trump has openly embraced cryptocurrencies like Bitcoin as part of his campaign agenda, vowing to make the U.S. the "crypto capital of the planet" and establish a strategic Bitcoin reserve if elected. His pro-crypto stance stands in stark contrast to the current Biden administration, which has taken a more hardline approach towards regulating the industry.
Investors have viewed Bitcoin as a potential "Trump trade," with the expectation that a Republican victory could pave the way for more favorable policies and regulations surrounding digital assets. The surge in Bitcoin's price reflects the market's growing confidence in a Trump win as the former president took an early lead in key battleground states.
