Bitcoin Surpasses $80,000 Record as Trump Approaches US Congressional Control

Bitcoin’s value has surpassed $80,000 (£62,000) for the first time in its history, following Donald Trump’s conclusive win in the recent US election. This development occurs as the Republican Party approaches complete control of Congress, having already secured the presidency and a Senate majority. During his campaign, the president-elect committed to establishing the US as “the crypto capital of the planet.” The leading global cryptocurrency has experienced a value increase exceeding 80% this year. Other digital currencies, such as dogecoin, which has received promotion from prominent Trump supporter Elon Musk, are similarly seeing increases. Prior to the election, Trump stated his intention to establish a strategic bitcoin reserve and appoint financial regulators favorable to digital assets, fostering anticipation that he would reduce regulations on the cryptocurrency sector. Trump has indicated that dismissing Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), would be among his initial presidential actions. Mr. Gensler, appointed by Joe Biden in 2021, has spearheaded the SEC’s enforcement efforts against the crypto industry. Matt Simpson, a market analyst at StoneX Financial, informed the BBC that “If the Trump administration does deregulate crypto, it’s hard to see how it is not bullish for the sector,” further stating that such a policy change could propel bitcoin prices to reach $100,000. He also cautioned that “it is still vulnerable to nasty selloffs along the way – which can be less kind to smaller pockets.” Trump’s wider policy platform, encompassing tax reductions and decreased business regulations, has additionally fueled a rise in other investment types since his election victory. Should Republicans control the executive branch and potentially both legislative branches of government, they would be positioned to progress his proposals through each chamber and present those bills for his signature into law. Key stock indexes, the US dollar, and American bonds have all registered gains in recent days. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for the material on external websites. Details concerning their external linking policy are accessible.