Bitcoin Skyrockets as Trump Backs Cryptocurrencies

Bitcoin surged to new heights amid Donald Trump's presidential victory, reaching over $75,000. The former crypto sceptic now advocates for cryptocurrencies, pledging to make the U.S. a crypto hub. Trump-associated ventures and changing perceptions promise a favorable future for digital currencies, especially bitcoin.

A fresh milestone was reached for Bitcoin on Wednesday as its price soared following former President Donald Trump's win in the U.S. elections. Investors are confident that Trump's favorable stance towards cryptocurrencies will be a game-changer for the industry, catapulting bitcoin to a whopping $75,000, surpassing its previous peak seen in March.

The market fervor isn't contained to bitcoin alone. Other digital currencies witnessed significant gains, including ether, which leaped by 8%. Once a crypto sceptic, Trump has dramatically shifted his views, promising to make the United States the 'crypto capital of the planet'. His commitments include creating a bitcoin strategic reserve and accepting campaign donations in cryptocurrency, further solidifying his support.

Industry experts are optimistic about the continued rise of bitcoin. Russ Mould from AJ Bell remarked that bitcoin was poised for a surge with Trump's return. As the digital currency hit a new record, there's widespread speculation about it achieving the $100,000 milestone in the near future. Trump's alignment with crypto aspirations is seen as a pivotal factor likely easing regulatory challenges, as noted by advocates like Brian Armstrong from Coinbase.

(With inputs from agencies.)