Bitcoin surged to an all-time high above $90,000 on Wednesday after U.S. President-elect Donald Trump vowed to reduce regulatory restrictions on digital assets. This significant milestone, reported by AFP, followed Trump’s election victory, sparking optimism within the cryptocurrency sector and driving Bitcoin’s price to $91,000 before it settled at $90,670.
During his campaign, Trump pledged to make the United States the “bitcoin and cryptocurrency capital of the world.” His proposed policies suggest potential regulatory relief and a more favorable stance towards crypto adoption and trading, propelling Bitcoin’s rapid ascent. Trump’s first term featured corporate tax cuts that stimulated investment, and his renewed push for economic growth appears to extend to digital assets this time around.
The former president also announced the launch of a digital currency platform, World Liberty Financial, in partnership with his sons and other entrepreneurs. Though its initial sales encountered a slower market response, the platform aligns with Trump’s pro-crypto stance and could add more visibility to cryptocurrency investments in the U.S.
Additionally, cryptocurrency advocates are looking forward to regulatory changes under the new administration. Carl Szantyr, managing partner of Blockstone Capital, stated that clearer regulations and a potential U.S. bitcoin reserve could foster institutional involvement and support for the digital asset market. With a favorable regulatory landscape, Szantyr expects strategic moves such as increased mergers and acquisitions, as well as growth in the cryptocurrency mining industry.
With Bitcoin’s rally following Trump’s victory, this political shift may significantly influence the crypto market’s trajectory, possibly enhancing the U.S. position as a global leader in cryptocurrency adoption.