Bitcoin soared to a record high yesterday after Donald Trump’s election victory.
The cryptocurrency’s price hit a peak of $75,372 after the Republican stormed ahead of rival Kamala Harris to secure the US presidency.
Analysts forecast that the digital coin could break the $100,000 barrier by the end of the year.
Crypto experts and enthusiasts believe Trump will usher in a softer line on regulation for the industry.
New record: Bitcoin hit a peak of $75,372 yesterday after Donald Trump stormed ahead of rival Kamala Harris to secure the US presidency
He has been vocal in his support for digital assets since the start of his election run and declared he would make the US ‘the crypto capital of the planet’.
As a candidate, Trump sent bullish signals to the market about embracing digital currencies, including building a strategic reserve of Bitcoin.
‘Bitcoin is the By Jessica Clark one asset that was always going to soar if Trump returned to the White House,’ Russ Mould at financial platform AJ Bell said.
Traders were ‘fired up to speculate when, not if, it will smash through $100,000’.
He added: ‘Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go.’
Neal Keane, head of global sales trading at financial group ADSS, said Bitcoin was on track to reach $100,000 by the end of this year.
Standard Chartered analysts were even more bullish, pencilling in $125,000 by the end of 2024 and even suggesting $200,000 by late 2025.
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