Bitcoin Hits Record High Over $82,000 After U.S. Elections

The world’s biggest cryptocurrency Bitcoin hit a record high of $82,527 today, just a few days after Donald Trump was announced as the next president of the United States.

According to Reuters, the value was expected to rise as Trump had previously embraced Bitcoin during his campaign. Compared to last year, the cryptocurrency has more than doubled its value after surpassing the 82,000 milestone today, considering its $38,505 low in 2023.

“Bitcoin’s Trump-pump is alive and well… with Republicans on the cusp of taking the house to confirm a red wave in Congress, it seems the crypto crowd is betting on digital-currency deregulation,” said Matt Simpson, senior market analyst at City Index to Reuters.

Crypto investors expect Trump to support pro-crypto congressional candidates and eliminate or reduce regulations taken under U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.

“The incoming Trump administration may lead to expedited regulatory clarity, enhanced institutional participation, improved market infrastructure, and broader mainstream adoption,” said analyst Marion Laboure from the Deutsche Bank research

In September, Trump and his sons announced a crypto business, World Liberty Financial, as a decentralized movement to strengthen the US dollar in the decentralized finance (DeFi) market.

According to The Guardian, Trump has called cryptocurrency a “scam against the dollar” in the past but seemed to change his mind radically during the campaign this year. However, Trump hasn’t mentioned any specific policies yet.

Elon Musk, a Trump and crypto supporter, has been a major ally during this presidential campaign, and Tesla’s shares rose 7% as well.