Bitcoin soars to record highs as markets sense Trump’s victory

The value of other currencies, such as the peso and the dollar, is also affected by a possible Trump victory.

Bitcoin has hit an all-time high as early results suggest Republican candidate Donald Trump could be on track to win the 2024 US presidential election.

The virtual currency rose 7% to a high of 70,022 euros , according to Reuters. This figure is higher than the previous high reached by Bitcoin in March. Since then, the value has fallen slightly, standing at around 69,089 euros.

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Many investors believe that former President Trump is a more desirable candidate than Harris for cryptocurrency. However, this was not always the case. In an interview with ‘Fox News’ in 2021, Trump referred to Bitcoin as a “scam .” He said that Bitcoin should be regulated more to avoid interference with US markets, and that “the currency of the world should be the dollar.”

As Trump has approached the 2024 election, his rhetoric on cryptocurrency regulation has softened. In August, Trump expressed his desire to turn the United States into the “crypto capital of the planet.”

Read Also: Gold price rises due to US elections: How does it impact the markets?

Democratic candidate Kamala Harris also told Bloomberg that she would support policies that ensure the growth of the cryptocurrency industry. However, the Biden administration’s moves to regulate digital assets may have called these promises into question.

Other currencies are also reflecting the market reaction to a possible Trump victory. The value of the Mexican peso has hit its lowest level in two years, trading at 20.5260 pesos per US dollar. This is the weakest value of the currency since September 2022.

Earlier this week, Trump promised to impose tariffs on Mexican exports of 25% amid concerns about drug smuggling into the United States. The value of the U.S. dollar also rose 1.24%, according to the dollar index, which weighs it against its main competitors, including the euro and the Canadian dollar.

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