Bitcoin renewed all-time high amid possible Trump victory

Bitcoin set a new all-time high in the midst of the US presidential election. Investors predict the victory of Republican Donald Trump.

Axios writes about it.

According to Coindesk, at its peak, bitcoin was worth $74.9 thousand. Decrypt with reference to CoinGecko data calls a lower figure — $74.5 thousand. The last time the value of Bitcoin set an all-time high was on March 14, 2024, reaching $73,700.

The price of Bitcoin was growing until the American elections were approaching. This was largely influenced by the fact that Trump supported the crypto business in his election campaign and made cryptocurrency a part of it — in one of the videos, he treated voters to burgers that he paid for with cryptocurrency.

According to forecasts of the American newspaper The New York Times, the chances of Trumpʼs victory are 89%. And the Washington Post predicts Trump with 235 to 327 Electoral College votes, while Harris has 211 to 303. To become president, 270 votes are needed.

What is bitcoin

Bitcoin is the worldʼs first and most famous cryptocurrency, or "digital currency", which was first introduced in 2009.

In fact, bitcoin is a decentralized electronic payment system with a conventional unit of money — bitcoin. BitCoin has no centralized management and no issuers. Digitally signed transactions between two addresses are transmitted to all nodes of the peer-to-peer network, and data about the movement of bitcoins is stored in a duplicate database.

Digital assets have no government regulators and are not backed by gold, another currency, or any precious metal. The price is determined by demand among users. Simply put, a crypto-asset will be worth as much as the audience is willing to offer for it — thatʼs why the bitcoin exchange rate constantly fluctuates, and the difference sometimes reaches tens of thousands of dollars.

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