Bitcoin hit a new all-time high of $75,005.08, driven by traders’ growing optimism that Donald Trump will secure a win in the upcoming US presidential election. The surge in the cryptocurrency’s price is attributed to the expectation that Trump, once in office, will implement pro-crypto policies that could further boost demand for digital currencies.
The digital asset surpassed its previous peak of $73,797.98, a record set earlier this year, as political betting markets and poll trends point toward Trump’s potential victory. Russ Mould, an analyst at AJ Bell, explained that Bitcoin’s price movement has been closely tied to Trump’s standing in the polls. He added that investors are betting that a Republican win will lead to increased interest in cryptocurrencies, particularly as Trump has previously voiced support for deregulation and tax incentives that could benefit digital assets.
During his presidency, Trump once referred to Bitcoin as a “scam,” but his stance on cryptocurrencies has shifted significantly. As a candidate, Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world.” His campaign promises also include appointing tech billionaire Elon Musk to oversee a comprehensive audit of governmental spending, with a focus on expanding cryptocurrency usage and innovation.
In September, Trump announced the launch of his own cryptocurrency platform, World Liberty Financial, aimed at allowing users to lend and borrow digital assets. However, its token sale has faced challenges, with only a small portion of tokens being sold. Despite this, Trump’s platform continues to attract attention as a potential alternative investment option.
Crypto analysts believe that Trump’s return to office could lead to renewed efforts to drive the growth of the cryptocurrency sector. His policies could focus on removing regulatory barriers and encouraging innovation in the digital currency market, which has seen volatility but also rapid growth in recent years.
In a symbolic move that further tied Trump to the digital currency movement, he made headlines earlier this year by using Bitcoin to purchase burgers at a New York City restaurant, which was hailed as a historic transaction for cryptocurrency adoption in mainstream culture.
The current surge in Bitcoin prices highlights the growing influence of political and economic factors on the cryptocurrency market. With the US election just around the corner, many are watching to see how potential shifts in leadership and policy may continue to impact Bitcoin and other digital currencies.
