Bitcoin has reached an all-time high, surpassing $80,000 (£62,000) for the first time, following Donald Trump’s victory in the U.S. election. The surge comes as Republicans move closer to gaining full control of Congress, having already secured the presidency and a Senate majority.
On the campaign trail, Trump pledged to transform the U.S. into the “crypto capital of the planet,” fueling optimism in the cryptocurrency market. The value of bitcoin has now soared over 80% this year, with other cryptocurrencies, like dogecoin – promoted by Trump ally Elon Musk – also seeing significant gains.
In the lead-up to the election, Trump hinted at creating a strategic bitcoin reserve and promised to appoint financial regulators supportive of digital assets, raising expectations of a lighter regulatory approach for the crypto industry.
One of Trump’s first actions, he has said, would be to dismiss SEC Chair Gary Gensler, a Biden appointee known for his crackdown on cryptocurrency. Market analyst Matt Simpson of StoneX Financial predicts that such deregulation could drive bitcoin’s price even higher, potentially reaching $100,000. However, Simpson also warned that the market could remain volatile, with potential for sudden drops that may impact smaller investors.
Beyond cryptocurrency, Trump’s broader agenda of tax cuts and business deregulation has fueled investment across various sectors since his win. With Republicans controlling both the executive branch and potentially the legislative chambers, Trump’s proposals are well-positioned to advance through Congress and into law, setting the stage for significant shifts in U.S. financial policy.
(By U.S. reporter James Swan)
