The price of Bitcoin has surged to an all-time high today. The cryptocurrency spiked at around $65,000 per BTC in late 2021 and fell as low as $16,000 per BTC in early 2023. However, it shot up in value again in 2024, and the recent surge may be due to the presumed outcome of the U.S. presidential election.
Bitcoin prices surge as Trump shows lead in presidential race
The price of Bitcoin rose today, fueled by predictions that the crypto-friendly Donald Trump will win the 2024 U.S. presidential election. In contrast, Kamala Harris served as vice president as government regulations were imposed on the industry. Additionally, Bloomberg reports that Bitcoin is one of the major currencies being used for election betting, which is likely compounding the price increase. Each bet for Trump is also a bet that he will make decisions that are positive for crypto owners.
Bitcoin isn’t the only currency that rallied during Election Day. Ethereum and Dogecoin saw price increases of 6.5% and 18%, respectively.
In the past, Trump has promised to form a strategic Bitcoin reserve for the United States and appoint crypto-friendly regulators. He’s also licensed his likeness for a series of NFTs.
However, investors should expect Bitcoin to be volatile if the election results come into question. Experts speaking with CNBC stated that they expect the currency to see new highs immediately if Trump wins. However, they predict a short-term sell-off if Harris is the victor. Regardless of who becomes president, they expect the currency will keep rising in price over the long term.
Interest in Bitcoin continues to flourish as it’s increasingly seen as a way to hedge against fluctuations in fiscal policy. In 2024, the cryptocurrency outperformed gold and stocks, solidifying its reputation as a resilient asset amidst economic uncertainties. Experts warn of potential corrections but remain optimistic overall.
