Bitcoin rallies to record high as crypto industry hails Trump's election as a win

g the riskiest of risky assets, is having its moment in the sun,” said Eswar Prasad, economics professor at Cornell University.

Bitcoin’s record-breaking rally is set to continue after Donald Trump was elected US president, according to crypto industry executives.

The crypto industry has welcomed Trump’s victory, with some anticipating a shift in policy and the attitudes of US regulators, following a Democratic administration that was seen as more hostile to the alternative assets.

Bitcoin soared to a previous all-time high of more than $75,000 on Wednesday as it emerged that Trump had won the White House.

The soaring valuations come as investors hope the Trump White House will set an agenda that ignites a wave of interest from large US institutions that have so far sat on the sidelines of the market.

Trump highlighted the merits of Bitcoin throughout his campaign, even promoting a new venture set up by some of his long-time business partners and backed by his sons.

Trump’s positive comments on the currency come despite calling it a “scam” against the US dollar in his previous presidency.

Richard Teng, the chief executive of crypto exchange Binance, which was hit with a $4.3bn fine for money laundering and sanctions violations last year while its previous boss was jailed, has hailed Trump’s win as the start of a “golden era”.

Brian Armstrong, chief executive of crypto exchange Coinbase, said: “America is going to follow a path towards economic freedom.”

“The oppressive headwinds that impeded industry progress and fattened legal bills over the past four years have abated,” Alex Thorn, head of research at crypto financial services provider Galaxy Digital, said in a note.

“Trump’s inner circle is extremely supportive of digital assets . . . the pro-crypto nature of his team, family and donors increases the likelihood that Trump follows through on his campaign promises to the industry,” he said.

David Yermack, finance professor at New York University’s Stern School of Business, tempered optimism concerning how significant Trump’s victory will be for Bitcoin and the crypto industry.

“Trump has made some wild promises on the campaign trail. But when you listen to him actually talk about digital currency, he has no idea what it is,” he said.

“I think almost any new administration, even if Harris had won, would have ended up regulating this space in a more intelligent way than you’ve seen up to now.”

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