World News | Bitcoin Spikes to Record as Traders Expect Trump's Victory to Boost Cryptocurrencies

London, Nov 6 (AP) The price of bitcoin hit a new high on Wednesday as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% to a record $75,345 in early trading, before falling back to about $73,500.

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Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election.

He pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

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“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said. (AP)

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