Unlock the White House Watch newsletter for free
Your guide to what the 2024 US election means for Washington and the world
Bitcoin surged to a record high on Wednesday as crypto investors celebrated the election victory of Donald Trump, who has pledged to make the US “the bitcoin superpower of the world”.
The world’s biggest cryptocurrency rallied more than 7 per cent to an all-time high of $75,389 as Trump won the race to the White House. The milestone surpassed the previous peak of $73,803.25, set in March, and lifted the prices of a host of other cryptocurrencies.
Senior crypto executives welcomed Trump’s decisive victory and a potential Republican “clean sweep” of US Congress as a chance to shift attitudes to the industry in Washington.
Trump positioned himself as the pro-cryptocurrency candidate, vowing to end the industry’s perceived “persecution”, and to secure more crypto-friendly legislation in the US.
“The future of crypto has never looked brighter than today,” said Kris Marszalek, chief executive of exchange Crypto.com.
Bitcoin’s rise boosted the share prices of other crypto tokens. The price of ether rose 8.9 per cent to $2,642, while solana surged 12 per cent to $185. The price of meme token Dogecoin, favoured by Trump backer Elon Musk, jumped 20 per cent to 20 cents.
A victory for Trump comes as some of the crypto market’s biggest investors in Silicon Valley spent heavily on campaign financing to promote pro-crypto candidates. Among them were venture capital firm Andreessen Horowitz and Gemini co-founders Tyler and Cameron Winklevoss.
“We are on the brink of a new American Renaissance,” said Tyler Winklevoss. “The crypto army is striking!” he wrote on X.
“Tonight the crypto voter has spoken decisively,” said Brian Armstrong, chief executive of crypto exchange Coinbase. “Americans disproportionately care about crypto and want clear rules of the road for digital assets.”
Digital asset investors and executives are hoping that Trump, if elected, will deliver on some of his election promises, including to build a US bitcoin strategic reserve and fire Gary Gensler, the Securities and Exchange Commission chair who has been vilified by crypto enthusiasts.
His agency has launched lawsuits against crypto companies including exchanges Coinbase, Kraken and Crypto.com, blockchain software company Consensys and payments provider Ripple Labs.
The election night bump in bitcoin and other cryptocurrency tokens is a sign that the industry “is gaining confidence by the minute . . . that it’s going to face a neutral or even positive regulatory environment”, said Matt Hougan, chief investment officer of Bitwise, a cryptocurrency fund manager.
Crypto miners’ stocks also surged on the prospect of a Trump win, with the Republican candidate having previously vowed to ensure bitcoin mining takes place in the US.
Shares in Riot Platforms, Marathon Digital and Core Scientific jumped 13, 11 and 7 per cent respectively in pre-market trading, while shares in crypto exchange Coinbase climbed 13 per cent.
Jake Ostrovskis, an over-the-counter trader at crypto market maker Wintermute, said a Republican presidential win was “important as it would increase the chances of crypto-related bills passing in Congress — at least in the eyes of market participants”.
Bitcoin’s gains were also propelled this week by inflows into US exchange traded funds that invest directly in the cryptocurrency. BlackRock’s fund, the market leader, has taken in more than $2.4bn in the past week, bringing its total assets to more than $29bn.
FT Edit
This article was featured in FT Edit, a daily selection of eight stories to inform, inspire and delight, free to read for 30 days. Explore FT Edit here ➼
In the run-up to the election, Trump had also been promoting a new crypto venture, World Liberty Financial, from which he stands to earn significant fees.
The decentralised finance platform has said it will “leverage the global reach and recognition of the Trump brand” and has raised $15mn from selling tokens that do not offer buyers any ownership stake and cannot be traded.
Some industry executives have voiced fears that the project will undermine attempts to rebuild trust in the sector following years of high-profile collapses and frauds.
Click here to visit Digital Asset dashboard
![Bitcoin [BTC], Gold, S&P 500 and a case of the widening correlation](https://www.blocpress.com/wp-content/uploads/2023/03/chart-1905225_1920-1000x600-120x86.jpg)
