Bitcoin tops record $80,000 (£62,000) following Donald Trump’s recent election victories. As Republicans edge closer to full control of Congress, market optimism is soaring, fueled by Trump’s bold promises to turn the U.S. into a “crypto capital.”
Bitcoin’s value has soared by over 80% this year, with other cryptocurrencies like dogecoin, often endorsed by Trump supporter Elon Musk, also on the rise.
Trump’s campaign included plans for a national Bitcoin reserve and the appointment of crypto-friendly regulators, fueling expectations of reduced crypto regulation.
One of Trump’s first expected moves is to replace current SEC Chair Gary Gensler, known for strict crypto oversight. Analysts like Matt Simpson from StoneX Financial predict that deregulation could drive Bitcoin towards $100,000, though they caution that volatility may affect smaller investors.
In addition to crypto, Trump’s broader economic plans, focusing on tax cuts and business-friendly policies, have lifted stocks, the dollar, and bonds as well.
With potential Republican control of Congress, these plans are likely to advance quickly, setting the stage for significant shifts in both traditional and crypto markets.
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