Trump win ignites crypto frenzy that sends bitcoin to a record high

LONDON (AP) — The value of bitcoin deed a caller precocious Wednesday arsenic investors stake that erstwhile President Donald Trump’s triumph successful nan U.S. statesmanlike election will beryllium a boon for cryptocurrencies.

Bitcoin jumped astir 8% successful early trading, climbing supra $75,000 and smashing its erstwhile grounds group successful March. Other cryptocurrencies besides soared, including ether, nan world’s 2nd astir celebrated cryptocurrency aft bitcoin, which rallied 8%.

Another token, dogecoin, rocketed arsenic overmuch arsenic 18%. It’s nan favorite cryptocurrency of billionaire Elon Musk, 1 of Trump’s astir salient supporters.

Trump was antecedently a crypto skeptic but changed his mind and embraced cryptocurrencies up of nan election.

He has pledged to make America “the crypto capital of nan planet” and create a “strategic reserve” of bitcoin. His run accepted donations successful cryptocurrency and he courted crypto fans astatine a bitcoin convention successful July. He besides launched World Liberty Financial, a new venture pinch family members to waste and acquisition cryptocurrencies.

Bitcoin is up 77% this year.

“Bitcoin is nan 1 plus that was ever going to soar if Trump returned to nan White House,” said Russ Mould, finance head astatine AJ Bell, a British online finance platform. After rubbing its caller high, nan marketplace is now speculating astir “when, not if, it will smash done $100,000,” he said.

“Trump has already declared his emotion of nan integer rate and crypto traders now person a caller communicative by which to get moreover much excited astir wherever nan value could go,” Mould said.

But different experts warned of nan risks.

“Investors should only dabble successful crypto pinch money that they tin beryllium prepared to lose,” said Susannah Streeter, caput of money and markets astatine Hargreaves Lansdown. “Because we’ve seen these chaotic swings successful nan past.”

Crypto manufacture players welcomed Trump’s victory, successful hopes that he would beryllium capable to push done legislative and regulatory changes that they’ve agelong lobbied for.

Trump had already promised that, if elected, he would region nan chair of nan Securities and Exchange Commission, Gary Gensler, who has been starring nan U.S. government’s crackdown connected nan crypto industry.

“Tonight nan crypto elector has spoken decisively — crossed statement lines and successful cardinal races crossed nan country,” said Brian Armstrong, CEO of Coinbase, 1 of nan biggest cryptocurrency exchanges. “Americans disproportionately attraction astir crypto and want clear rules of nan roadworthy for integer assets. We look guardant to moving pinch nan caller Congress to present it,” Armstrong posted connected X.

Streeter said Trump’s management would astir apt prosecute “light touch regulation” for nan crypto industry.

“Certainly that’s what crypto fans would want,” she said. “They want nan sheen of legitimacy to beryllium brought to crypto, but they don’t want regulations to beryllium excessively onerous to extremity opportunities and innovation.”

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Associated Press writer Danica Kirka contributed to this report.