The value of cryptocurrency Bitcoin has surged to an all-time high on the back of Donald Trump's US election victory.Throughout his presidential campaign, Trump positioned himself as pro-cryptocurrency, even pledging to make the US "the Bitcoin superpower of the world" and create a "strategic reserve" of Bitcoin.Trump's re-election to the White House was therefore seen as a boon for the volatile cryptocurrency with the price of Bitcoin pushing above US$76,480 ($116,390) in response to the news.
Bitcoin, the world's most popular currency, has reached a record high after Trump's return to the White House. (Jakub Porzycki / NurPhoto / Getty Images)Crypto-associated stocks also saw a leap. Among the biggest gainers was crypto exchange Coinbase, whose shares jumped by 31 percent.The US has led a crackdown on cryptocurrency firms during the Biden administration, with the US regulator the Securities and Exchange Commission, who has taken legal action against several crypto firms.Trump has previously suggested that if he won office he would consider firing the chair of the commission, Gary Gensler.One of Trump's biggest supporters during his campaign was billionaire and Tesla founder Elon Musk, who is also a proponent of cryptocurrency.Back in 2021, Tesla invested $1.5 billion in Bitcoin. Tesla shares surged 14 percent on the back of Trump's win – reaching a two-year high.– With Associated Press
