Bitcoin hits new record high of more than $75,000

Bitcoin soared to a new record high on Wednesday as traders bet on victory for Donald Trump in the US presidential race, with the tycoon seen as the pro-crypto candidate.

The digital currency hit as much as $75,005.08 at around 3:00 a.m. GMT, topping its previous all-time peak of $73,797.98 achieved in March.

“The price of bitcoin has closely followed Trump’s position in the polls and on betting markets,” Russ Mould, an analyst at AJ Bell, said ahead of Tuesday’s US election. Investors are “potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency,” he added.

During his presidency, Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.

“A Trump victory could be the catalyst that pushes the world’s first and largest cryptocurrency into uncharted territory,” said Nigel Green of deVere, also before the vote. “His return to office would likely have a renewed emphasis on deregulation, tax incentives, and economic policies favorable to alternative investments, such as Bitcoin,” Green added.

Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial. But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

World Liberty Financial enables users to lend or borrow cryptocurrencies to or from one another—a service already offered by many platforms, one of the best-known of which is Aave.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a “historic transaction.”

“Who wants a hamburger?” Trump announced to fellow diners in September, days after he launched his platform.