Bitcoin Hits New All-Time High – Donald Trump and US Election Drive Up Price

Bitcoin (BTC) was quoted above $75,000 for the first time in its history early this morning. The new all-time high comes as a result of the US election, where Donald Trump is in an unassailable lead. What does this mean for Bitcoin?

Votes are still being counted in the US presidential election – but the price curve of Bitcoin (BTC) seems to anticipate the result. Since the early hours of the morning, Bitcoin has been moving at price levels of around $75,000, setting a new all-time high. Donald Trump had made Bitcoin and the crypto industry an election campaign issue. Trump’s crypto-friendly positions have been carefully noted by the markets and are now triggering great optimism.

So what could change for Bitcoin and Co. in the US with a President Trump?

When Donald Trump first ruled in the White House from 2017 to 2021, he showed no sympathy for Bitcoin and blockchain – on the contrary: in mid-2019, the Republican launched a sweeping attack and associated Bitcoin and other cryptocurrencies with drug trafficking and other illegal activities. That has changed completely this year. In his campaign, Trump specifically canvassed for votes from the crypto scene and outlined his plans in a much-noticed Bitcoin speech .

Trump advocates new approach to crypto regulation in the US

“There will be rules, but from now on the rules will be made by people who love your industry, not hate it,” Trump said at a Bitcoin conference in July. In the US, the Securities and Exchange Commission (SEC) has tried in recent years to force cryptocurrencies and exchanges under its regulation. SEC chief Gary Gensler has become a hate figure for many crypto investors.

Trump promises to replace Gensler as soon as possible and appoint a successor who recognizes the innovative nature and economic importance of the crypto industry. For example, in the SEC’s legal dispute with Ripple (XRP), a new SEC chief could bring a quick end to it.

Trump wants to seek advice from experts on his crypto policy and appoint a new council for this purpose. Questions such as whether US citizens can store Bitcoin and the like themselves and trade them privately without regulation are controversial. Donald Trump is expected to make decisions that, in case of doubt, tend to be pro-Bitcoin.

This is particularly drastic in Trump’s plan to create a national Bitcoin reserve and an attractive environment for BTC miners in the USA. Unforeseen dynamics could arise here; the current Bitcoin rally provides a foretaste.

Conclusion: President Donald Trump – Crypto Dreams Come True

Trump’s opponent Kamala Harris is still hoping for a turnaround in the vote count. But Bitcoin’s record-breaking performance and the positive mood on the crypto markets are already pricing in an election victory for Donald Trump. If he keeps his promises, the crypto industry in the USA should flourish. Bitcoin, as the leading currency, benefits directly from this.

BTC now has the potential to play a defined role in US financial policy. The next president will be inaugurated on January 20th, after which day-to-day business will begin. A current Bernstein forecast sets a price target of $90,000 for Bitcoin by the time of the inauguration, if Trump prevails.

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(Featured image by RoyBuri via Pixabay)

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