Bitcoin Hits Record After Trump Victory as Analysts Predict $200,000

Bitcoin soared to a record level yesterday after Donald Trump’s election victory.

The price of the cryptocurrency reached a high of $75,372 after the Republican overtook his rival Kamala Harris to secure the presidency of the United States.

Analysts predict that the digital currency could surpass the $100,000 barrier by the end of the year.

Cryptocurrency experts and enthusiasts believe that Trump will usher in a softer line on regulation for the industry.

He has expressed his support for digital assets since the start of his election campaign and declared that he would make the United States “the crypto capital of the planet.”

As a candidate, Trump sent bullish signals to the market about the adoption of digital currencies, including the creation of a strategic reserve of Bitcoin.

“Bitcoin is the asset that would always skyrocket if Trump returned to the White House,” said Russ Mold of financial platform AJ Bell.

Traders were “turned on to speculate on when, not if, it will surpass $100,000.”

He added: “Trump has already declared his love for the digital currency and cryptocurrency traders now have a new narrative to get even more excited about where the price could go.”

Neal Keane, head of global sales operations at financial group ADSS, said Bitcoin was on track to hit $100,000 by the end of this year.

Standard Chartered analysts were even more optimistic, estimating $125,000 by the end of 2024 and even suggesting $200,000 by the end of 2025.