Bitcoin Hits Record Above $75,000 as Crypto Industry Celebrates Trump’s Victory

Bitcoin surged to an all-time high of $75,389 on Wednesday as crypto investors reacted positively to the election victory of Donald Trump, who has pledged to make the United States “the Bitcoin superpower of the world.”

The world’s largest cryptocurrency rallied over 7%, surpassing its previous peak of $73,803 set in March, fueling gains across the broader crypto market. Ether climbed 10% to $2,661, while Solana surged 12% to $185. Meme token Dogecoin, which has been publicly endorsed by Trump supporter Elon Musk, jumped 30% to 22 cents before settling at 20 cents.

Crypto Executives Welcome Trump’s Victory

Senior executives in the cryptocurrency industry hailed Trump’s win and the potential for a Republican-controlled Congress as an opportunity to ease regulatory pressures on the sector. Trump has positioned himself as the pro-crypto candidate, vowing to end what he describes as the industry’s “persecution” and to push for more favorable legislation.

“The future of crypto has never looked brighter than today,” said Kris Marszalek, CEO of Crypto.com.

Tyler Winklevoss, co-founder of Gemini, echoed the sentiment, stating, “We are on the brink of a new American Renaissance. The crypto army is striking!”

Brian Armstrong, CEO of Coinbase, emphasized the role of crypto-friendly voters in the election outcome. “Tonight, the crypto voter has spoken decisively. Americans disproportionately care about crypto and want clear rules of the road for digital assets.”

Market Confidence Soars on Expected Regulatory Shifts

Investors are hopeful that Trump’s administration will deliver on key promises, including the establishment of a U.S. Bitcoin strategic reserve and the removal of SEC Chair Gary Gensler, who has been widely criticized within the crypto community. Under Gensler’s leadership, the SEC has taken legal action against major crypto firms, including Coinbase, Kraken, Crypto.com, and Ripple Labs.

“The election results indicate that the crypto industry is gaining confidence by the minute,” said Matt Hougan, Chief Investment Officer at Bitwise, a cryptocurrency fund manager. “There’s growing optimism that the industry will face either a neutral or positive regulatory environment moving forward.”

Crypto Stocks and ETFs Surge

The prospect of a more crypto-friendly administration also led to a surge in cryptocurrency-related stocks. Riot Platforms, Marathon Digital, and Core Scientific saw their shares jump 12%, 9%, and 7%, respectively, while Coinbase stock surged 19%.

Additionally, Bitcoin’s price gains were supported by strong inflows into U.S. exchange-traded funds (ETFs) that invest directly in the cryptocurrency. BlackRock’s Bitcoin ETF saw over $2.4 billion in inflows in the past week, pushing its total assets above $30 billion.

Trump’s Own Crypto Ventures Raise Concerns

In the lead-up to the election, Trump promoted a new decentralized finance (DeFi) initiative, World Liberty Financial, from which he stands to earn significant fees. The project aims to “leverage the global reach and recognition of the Trump brand” and has raised $15 million through token sales. However, these tokens do not grant ownership stakes and cannot be traded, raising concerns among industry executives about the project’s legitimacy and its potential impact on crypto’s reputation.

“Some industry leaders worry that this venture could undermine ongoing efforts to rebuild trust in the sector after years of high-profile collapses and frauds,” said a senior executive from a major crypto exchange.

The Road Ahead for Crypto Under Trump

With Trump’s return to the White House, the crypto industry anticipates a shift in U.S. policy toward digital assets. The administration’s stance on mining, taxation, and regulatory oversight will be closely watched as investors assess how these changes might shape the future of the cryptocurrency market.

While Bitcoin’s record-breaking rally reflects optimism, market volatility and regulatory uncertainties remain key factors influencing long-term trends. Investors and industry stakeholders will be keenly observing Trump’s next moves in the evolving landscape of digital finance.