The digital currency surpassed its previous all-time high of US$73,797.98 reached in March, reaching as high as US$75,005.08 at approximately 0300 GMT.
“The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” AJ Bell analyst Russ Mould stated before yesterday’s US election.
He went on to say that investors are “possibly adopting the perception that a Republican victory would result in a surge in demand for the digital currency.”
Trump called cryptocurrencies a hoax while he was president, but he has since drastically changed his mind and even started his own platform for the industry.
“A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory,” said Nigel Green of deVere, also before the vote.
“His return to office would likely have a renewed emphasis on deregulation, tax incentives, and economic policies favorable to alternative investments, such as Bitcoin,” Green added.
In addition to appointing tech billionaire and right-wing conspiracy theorist Elon Musk to lead a comprehensive audit of government waste, Trump has promised to turn the US into the “bitcoin and cryptocurrency capital of the world”.
Corporate tax cuts during the previous Trump administration increased market liquidity and enticed investment in high-growth assets like cryptocurrencies.
In September, Trump declared that he and his sons and business partners will start World Liberty Financial, a digital currency platform.
However, just a small percentage of its tokens that were put on the market were purchased at its stuttering sales launch earlier this month.
Aave is one of the most well-known platforms that already offers the ability for users to lend or borrow cryptocurrency to or from one another. World Liberty Financial makes this possible.
Since their inception, cryptocurrencies have garnered media attention due to their extraordinary volatility and the demise of multiple business titans, most notably the FTX exchange platform.
Trump reportedly made history in the run-up to the election by using bitcoin to purchase hamburgers at a restaurant in New York City, which praised the transaction as “historic.”
“Who wants a hamburger?” Trump announced to fellow diners in September, days after he launched his platform.
