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Rabat – The price of Bitcoin soared to $75,000 on Tuesday night as it became clear Donald Trump was the likely victor of the 2024 US presidential elections. Crypto enthusiasts had been bullish in the run-up to the election as the Republican Party and its candidate made several statements in favor of cryptocurrencies and Bitcoin in particular.
Trump had posited that the US might need a “strategic reserve” of the world’s most popular cryptocurrency, along with various other statements indicating that his incoming administration would effectively make crypto a legitimate mainstream market. Trump’s supportive statements contrasted with the actions of the Biden administration, which many crypto traders eyed with suspicion.
The Biden administration, and the Democratic party’s chair of the powerful Securities and Exchange Commision Gary Gensler have long been portrayed as stifling the crypto market with their attempts to introduce regulations or formalize the blockchain currencies.
Gensler in particular, as a former Goldman Sachs investment banker, was seen as an obstacle for further crypto growth by many in the crypto world.
As it became evident that Donal Trump would win his third presidential race and return to the White House, bitcoin surged like never before, increasing in value by 8%. Other cryptocurrencies also flourished, with Etehruem rising by 7% and Solana gaining 15%.
The price of Bitcoin has dipped and risen slightly in the first hours of Wednesday, falling from $75,273 around 6 a.m. to $73,971 at the moment of writing.
Cryptocurrencies currently remain banned in Morocco as a currency for legal transactions, yet interest in the volatile blockchain-power currencies remains.
