Bitcoin expected to hit $80,000 as crypto fan Trump edges closer to victory

New Delhi, Nov 6 : As Donald Trump edged closer to victory in the US presidential election, Bitcoin surged to a record high of $75,060, fuelling investors’ excitement in the cryptocurrency sector.

The world's most valuable digital asset saw 7 per cent growth on Tuesday alone (US time).

Trump made Bitcoin a focal point during his campaign, saying he would make the US the "crypto capital of the world"

Bitcoin hit a new record above $75,000, almost surpassing $1.5 trillion in valuation.

On Wednesday (India time), Bitcoin was hovering around $73,000 per coin.

According to deVere Group CEO Nigel Green, the intersection of politics and cryptocurrency would play a defining role in shaping market trends.

"We’ve said for months that Trump’s stance on cryptocurrency, combined with the uncertainty surrounding the election, would push Bitcoin to new heights," he said.

"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 added.

On the campaign trail, Trump 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".

"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 favourable and necessary for Bitcoin’s continued growth," Green contended.

According to trade analysts, Bitcoin could climb as high as $80,000 in the near future, driven by a combination of 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.

Meanwhile, other cryptocurrency tokens also made progress with the total crypto market cap zeroing in on $2.5 trillion, up 9 per cent in just a day.