Bitcoin hits record high of $80,000 amid Trump’s election victory

The bitcoin exchange rate has surpassed the $80,000 (roughly £62,000) mark for the first time in history following Donald Trump’s victory in the US presidential election. Republicans are closing in on full control of Congress, having already secured the presidency and a majority in the Senate.

At the end of the election, bitcoin has become the most widely used cryptocurrency in the US.

Trump’s promises and the rise of the crypto market

Trump said during his campaign that he intends to make the U.S. the “cryptocurrency capital of the world.” That statement, as well as his promises to lift restrictions on the crypto industry, has spurred interest in digital assets. Since the beginning of the year, the value of bitcoin has increased by more than 80%. Other cryptocurrencies have also seen growth, including Dogecoin, which is heavily backed by Ilon Musk, a known Trump supporter.

The rise has also affected other cryptocurrencies, including Dogecoin.

The new administration’s plans

Trump said one of his first steps as president will be to fire U.S. Securities and Exchange Commission (SEC) chief Gary Gensler. Gensler, who was appointed by Joe Biden in 2021, has spearheaded tough policies to regulate the crypto market.

Trump’s first move as president will be to fire Gary Gensler, who was appointed by Joe Biden in 2021.

The new administration plans to appoint regulators loyal to digital assets and create a strategic bitcoin reserve. These initiatives have raised expectations that Trump will loosen existing restrictions on the cryptocurrency industry.

The new administration’s new policies include the appointment of digital asset regulators and the creation of a strategic bitcoin reserve.

“If the Trump administration does indeed remove regulatory barriers, it will be a powerful growth catalyst for the cryptocurrency sector,” said StoneX Financial analyst Matt Simpson. He also predicts that if such measures are implemented, the bitcoin rate could reach the $100,000 mark. However, the expert warns of possible sharp price corrections, which could negatively affect small investors.

Widespread economic impact

Trump’s agenda of tax cuts and business deregulation has also spurred growth in other sectors of the economy. With Republicans in control of the executive branch and possibly both legislative branches, the implementation of these initiatives becomes more likely.

At the same time, Trump’s agenda of tax cuts and business deregulation is becoming more likely.