Bitcoin’s price has surpassed $80,000 (£62,000) for the first time, following Donald Trump’s recent election victory and Republican advances in Congress. With the presidency and Senate now under Republican control, and the House potentially close behind, Trump’s pledge to position the U.S. as the “crypto capital of the planet” has bolstered cryptocurrency markets.
Bitcoin has surged over 80% this year, and other digital currencies, including dogecoin—promoted by Trump supporter Elon Musk—are also seeing gains. Trump has hinted at plans to deregulate the crypto industry, proposing a strategic Bitcoin stockpile and the appointment of crypto-friendly regulators. He has also stated that he will replace SEC Chair Gary Gensler, appointed by Joe Biden, who has been a key figure in the agency’s crackdown on crypto.
According to Matt Simpson, a market analyst at StoneX Financial, deregulation would likely benefit the crypto sector and potentially drive Bitcoin’s price up to $100,000, though he cautions that volatility may still lead to abrupt selloffs.
Trump’s agenda also includes tax cuts and a reduction in business regulations, which has fueled a rise across U.S. financial markets. Stocks, bonds, and the dollar have all shown positive gains, as Republican control over both Congress and the White House may smooth the passage of Trump’s economic policies into law.
