- Bitcoin smashed its all-time high overnight as Donald Trump edged closer to the White House
- Trump has made some bold promises about Bitcoin on the campaign trail
- Bitcoiners will hope he keeps these promises and affords Bitcoin more freedoms
Bitcoin smashed its all-time high overnight as Donald Trump looked set to return to the White House. Bitcoin leapt from $69,500 to $75,000 as Trump secured the first two crucial swing states, North Carolina and Georgia, and is ahead in the polls of the others. Trump’s pro-Bitcoin stance has resonated with the crypto space, and it seems that buyers have decided which way this election is going to go, although several key swing states have yet to reveal their votes.
Bitcoin Banished Block Blues
Bitcoin has been trapped inside a $20,000 block since its prior all-time high in March, one through which it has finally broken through:
When news broke overnight that Trump had secured North Carolina, on top of a strong start in other states, Bitcoin put in the kind of 4H candle we haven’t seen since March, taking it right to $75,000. If it can treat that prior resistance as support on a daily or even weekly timeframe, this could be the start of a run to the magic figure of $100,000.
Will Trump Keep His Promises?
Trump has promised many things related to Bitcoin on the campaign trail, including a national Bitcoin reserve and support for Bitcoin mining in the US. He has also opposed the prospect of Central Bank Digital Currencies (CBDCs) and promised to reform regulatory oversight, including the removal of Securities and Exchange Commission Chair Gary Gensler, to encourage innovation in the digital asset space.
Trump has also expressed desire to establish a Bitcoin and crypto advisory council to develop clear regulatory guidelines and has promised to free Ross Ulbricht, the jailed Silk Road founder. However, Trump had the chance to do this during his last presidency and declined to do so, which may indicate how well he sticks to his promises.
