Donald Trump’s massive win on Tuesday night’s election sent bitcoin surging to over $76,493.86 for the first time in its history as investors see the former president as an advocate for the currency in the White House.
The momentum slowed late Wednesday (Los Angeles time) and was trading just above $74,769.
Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC: “The themes around the Trump trade for crypto are deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on parts of government like financial institutions and the Fed — or at least an alternative for decentralized currency — and overall support of risk assets and the growth of crypto … is really what’s making it grow.”
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Sen. Cynthia Lummis, R-Wyo., also posted on X: “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE.”
Dylan LeClair, a popular bitcoin enthusiast on X, posted: “You have approximately three months until the U.S. Government puts into law active accumulation of bitcoin as a strategic reserve asset. Other sovereigns will be discreetly front running. The clock has already started.”
Trump drew some concerns in July when he addressed a bitcoin conference in Nashville and did not promise to establish an official U.S. bitcoin strategic reserve.
Trump told the audience in Nashville that if he is elected in 2024, “it will be the policy of my administration, United States of America, to keep 100 percent of all the bitcoin the U.S. government currently holds or acquires into the future.”