Bitcoin has seen a breakout today, soaring to a record high breaching $81,000 on optimism of a softer regulatory environment now that Donald Trump is president of the United States and many pro -crypto candidates making it to congress.
The flag bearer of the crypto-world, Bitcoin has more than doubled from its low of $38,505 this year reaching a record high of $81,899 before retracing to $81,572.
Trump has been a vocal advocate of Bitcoin and promised to make the U.S the “crypto capital of the planet” during his election campaign.With republicans about to create a red wave in congress, it seems Bitcoin investors and the larger crypto community are hedging their bets on the deregulation of digital currencies.
According to a Reuters report, the crypto industry spent more than $119 million to back pro-crypto congressional candidates and they may have succeeded. In Ohio, one of the crypto industry’s biggest foes in Congress – Senate Banking Committee Chair Sherrod Brown was ousted, while pro-crypto candidates from both the Democratic and Republican parties won in Michigan, West Virgina, Indiana, Alabama and North Carolina.
Having Elon Musk as a close aid during and after his campaign has also fueled the frenzy. Musk has been a massive proponent of cryptocurrencies and the industries deregulation. Dogecoin, an alt coin regularly sees upturns on Musks comments since he claimed to be a fan a few years ago. In September, Trump also revealed a new crypto business, World Liberty Financial and one of his sons, Eric Trump is due to speak at a Bitcoin conference in Dubai next month. This increased personal interest from Trump and close associates are helping boost investor confidence for the future of crypto.
