Bitcoin soared to an all-time record high of USD 75.005 on Wednesday after Donald J. Trump won the election on Tuesday for the second time to become the 47th President of the United States. Bitcoin’s last record was in March, when it rose to USD 73,797 per coin, a price hike attributed to the approval of Bitcoin ETFs in the US, according to Statista.
Trump during his campaign had repeatedly called cryptocurrencies “a scam” before radically changing his position, and even launching his own Bitcoin platform, when billionaire Elon Musk, a long-time backer of Dogecoin, decided to support Trump’s presidential run after the assassination attempt against him in July and donated over $118 million to his campaign.
Trump had initially quipped he would put Musk in charge of “eliminating government waste.” Now that he has pledged to make the U.S. the “bitcoin and cryptocurrency capital of the world,” Trump is expected to create “bitcoin and crypto presidential advisory council.”
Musk has referred to this as the “Department of Government Efficiency,” or DOGE, the name of his favorite cryptocurrency.
Trump has repeatedly promised to establish regulations, provide better tax incentives, and implement economic policies that will funnel more capital into alternative investments such as cryptocurrencies.
“The rules will be written by people who love your industry, not hate your industry,” Trump said.
Fortune magazine reported today that Dogecoin is also “riding high” as fans anticipate Musk securing a position in the Trump White House.