Bitcoin Hits All-Time High After Donald Trump Wins!
Bitcoin rallied overnight, hitting an all-time high after Donald Trump defeated Vice President Kamala Harris in the presidential election.
The price of the major cryptocurrency touched a record $75,000 on the nose, according to Coin Metrics. It was last higher by 6.4% at $73,884. It first hit its previous high of $73,797.68 on March 14 and has traded in a tight range below $70,000 for most of the year since then.
Bitcoin's overnight gains surged after Trump took a solid lead in the Electoral College, with pundits predicting early Wednesday that Trump will defeat Vice President Kamala Harris after winning 276 Electoral College votes, including swing states.
Investors had expected bitcoin trading to be volatile until a clear winner was announced. A victory for Vice President Kamala Harris was expected to bring the risk of downward movements in the price of bitcoin, while traders predicted a price increase in the event of a victory by Trump.
In the 2012, 2016 and 2020 elections, bitcoin saw returns of approximately 87%, 44% and 145% respectively in the 90 days after election day. This is partly because election years fall in Bitcoin halving years, when the supply of the cryptocurrency declines.
Post-election returns have also tended to match the Federal Reserve's major policy changes. This year, the market is looking forward to further cuts in interest rates.
This year's presidential election has been called the most important in the life of the crypto industry. Many see a Harris victory as a threat to crypto, the extent of which has been debated throughout this election cycle.
Trump, on the other hand, is seen by many as a force for good in the industry, as he was introduced earlier this year as the pro-crypto candidate and has endeared himself to the industry more directly than Harris.
Many voters are concerned about the state of the government deficit, which grew 8% in fiscal year 2024 to $1.8 trillion, and the increase in tax cuts promised by both candidates.
Bitcoin, like gold, is seen by many investors as a hedge against the potential for fiscal and monetary policy to combine to depreciate the dollar and increase inflation.
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