The cost of Bitcoin, the prevalent cryptocurrency, has soared to an unprecedented level as early results of the 2024 US Presidential Election indicate a probable Trump victory. Forecasts and political betting platforms are estimating an 85 to 91 percent chance of Trump’s triumph. As of 04:00 GMT, Bitcoin is priced between $578,898.5 – $745,786.3, hitting a high at 03:10 GMT.
President Trump has reportedly made bold promises to Bitcoin investors, such as dismissing Gary Gensler, the head of the Securities and Exchange Commission. Gensler previously expressed skepticism regarding the wide-scale acceptance of cryptocurrencies. Trump, however, has assured the establishment of a strategic Bitcoin reserve if reelected.
Elon Musk, a potential Trump cabinet member, and a vocal cryptocurrency advocate, has substantially aided in the amplification of Dogecoin – another cryptocurrency. Musk’s association with the ‘Department of Government Efficiency’, humorously acronymed ‘DOGE’, and his directional tweets have significantly contributed to Dogecoin’s growth and popularity.
Meanwhile, the Democrat camp, led by Kamala Harris, appears to be grappling with a looming defeat. With large populous regions in ‘blue wall’ states like Wisconsin, Georgia, and Pennsylvania yet to declare results, the Harris team is fervently analyzing incoming numbers for potential turnarounds in their favour.
