Bitcoin surged to a record high of $75,060 on Tuesday night as growing confidence in Donald Trump’s return to the White House fueled investor excitement in the cryptocurrency space.
The world’s most valuable digital asset has seen a remarkable rally, up more than 7% on Tuesday alone as markets bet on Trump’s victory. This latest surge was an “I told you so” moment for Nigel Green, CEO of deVere Group. Green forecasted that election night volatility would lead to Bitcoin breaking its previous high.
With the Trump campaign positioning itself as pro-cryptocurrency, he believed that the mere possibility of his return to office would cause significant upward pressure on Bitcoin.
“We’ve said for months that Trump’s stance on cryptocurrency, combined with the uncertainty surrounding the election, would push Bitcoin to new heights,” Green began. “This rally isn’t just about the election; it’s about the fundamental shifts happening in the digital financial system, of which Bitcoin is the leader. People are waking up to the fact that traditional systems are changing.”
Green described Trump’s pro-cryptocurrency position as a “game changer”. On the campaign trail, he has vowed to end what he calls the “persecution” of the cryptocurrency industry and to position the United States as the ‘Bitcoin superpower of the world.’
“His pledge to cut red tape, promote innovation, and attract major investments in the digital asset space has galvanized investors. Trump’s odds of winning (were) seen as a key reason for the latest surge in Bitcoin’s value. “Trump’s open support of cryptocurrency has triggered this surge, as many investors anticipate that a Trump victory would clear the path for mainstream adoption and regulation that is both favorable and necessary for Bitcoin’s continued growth.
“Also, public backing from influential figures in the crypto world has given Trump’s campaign substantial credibility among tech investors. This pro-crypto narrative could pave the way for regulatory clarity, bolstering institutional investments that could send Bitcoin to unprecedented heights.”
While Bitcoin has soared past its previous high, deVere Group believes this is only the beginning. Green and his analysts predict that if Trump won, Bitcoin could climb as high as $80,000 shortly, driven by heightened demand, market sentiment, and policy expectations under a Trump administration.
“Bitcoin at $80,000 is not far-fetched. We are seeing a perfect storm of market dynamics,” Green stated. “Crypto investors, traditional investors, and institutions are all looking at Bitcoin not just as an asset, but as a hedge against political instability, inflation, and other macroeconomic factors. Trump’s victory would be a major confidence boost for the sector, potentially pushing Bitcoin beyond $80,000.”
“As the election results continue to unfold, one thing is certain: Bitcoin has already made history, and with a Trump victory seemingly on the horizon, it could soar even higher, potentially reaching the $80,000 mark,” Green concluded. “This is an exciting time for crypto, and the momentum is undeniable.”
