Bitcoin was selling up $4,610.26, or 6.64 percent, to $73,943.38 late Tuesday night as a Donald Trump victory appeared increasing likely in the U.S.
Trump is seen as this election’s pro-crypto candidate, despite calling cryptocurrencies while in office a “disaster waiting to happen.”
But he has since evolved and once told an audience that he will keep Sen. Elizabeth Warren, D-Mass., and her “goons” away from regulating bitcoin.
“I will ensure that the future of crypto and #Bitcoin will be made in the USA,” Trump said in May. “I will support the right to self custody to the nations 50 million crypto holders”
The former president tapped Sen. J.D. Vance as his running mate today. Vance is also seen as a crypto enthusiast. He owns between $100,001 and $250,000 in bitcoin, as of 2022, according to The Block.
Peter Schiff, the economist who frequently promotes gold as the ultimate safe-haven asset, posted on X on last summer that Trump will not deliver on promises made during the campaign about his new-found embrace of the crypto.
“The only reason #Trump supports #Bitcoin is to get contributions and votes from the #crypto community. He’s not worried that by supporting Bitcoin he’ll lose support from no-coiners, so it’s a political no-brainer. But any promise to make Bitcoin a reserve asset won’t be kept,” Schiff said.