Bitcoin surged to a record of more than $75,000, as cryptocurrency investors expressed optimism about former President Donald J. Trump’s prospects after early election results came in on Tuesday.
The price broke the record of roughly $73,000 that Bitcoin set in March, when new investment products linked to the digital currency started trading on Wall Street. This time, the surge was driven by the election. While results from the crucial swing states have not been called, the odds of a Trump victory rose to nearly 90 percent on an influential crypto-powered betting website that digital currency investors track closely.
Many crypto proponents believe that a Trump victory would be good for the industry. For the last two years, the Biden administration has conducted an aggressive crackdown to curb securities violations by crypto companies, forcing some of those firms offshore and raising questions about the industry’s long-term future in the United States.On the campaign trail, Mr. Trump has promised to end the regulatory push and establish the United States as the “crypto capital of the planet.” Before the election, analysts predicted that a Trump victory could send Bitcoin to $80,000 or $90,000.
