Bitcoin spikes to record as traders expect Trump's victory to boost cryptocurrencies

London: The price of bitcoin has hit a new high as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% to a record $75,345 in early trading on Wednesday before falling back a bit. Trump has taken a favorable view of cryptocurrencies.

He has pledged to make America “the crypto capital of the planet” and create a strategic reserve of bitcoin. Ahead of the election, he also launched a new venture to trade cryptocurrencies called World Liberty Financial.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“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,” Mould said.

Inputs from PTI