Bitcoin leaps to record high as traders lean towards Trump victory

Bitcoin surged to a record high and rose 7% to USD 75,060, topping March's peak as market speculation grew around a potential Donald Trump victory in the upcoming election. Traders appear to believe that a Trump win could lead to policies favorable for cryptocurrency, including a lighter regulatory environment and support for alternative financial systems.

Analysts note that Bitcoin’s rise reflects the perception that a Trump win might support alternative financial structures, particularly decentralized options. Investors are eyeing the outcome closely, positioning themselves to benefit from any policy shifts that could drive cryptocurrency adoption forward.

The correlation between Bitcoin’s performance and political developments underscores how digital assets have increasingly become sensitive to regulatory outlooks. With both parties presenting distinct views on fintech and digital finance, the election’s outcome may continue to influence Bitcoin’s trajectory in the coming months.

Trump vowed to make the US the crypto capital of the planet, create a strategic Bitcoin stockpile and appoint regulators who love digital assets. Harris adopted a more measured approach, pledging to support a regulatory framework for the industry.

Bitcoin is viewed by many as a so-called Trump trade because the former president embraced digital assets during his campaign after a major push by the industry. As the election draws closer, Bitcoin’s trajectory could continue to mirror investor sentiment around the outcome.