Bitcoin reached a new record yesterday, exceeding $93,000, as the world’s leading cryptocurrency continues its impressive surge following Donald Trump’s victory in the U.S. presidential election.
At the same time, Dogecoin, the meme-based cryptocurrency supported by Elon Musk, has risen 150% since election day, especially after Trump announced Musk’s appointment to a cabinet position.
Trump is viewed as more supportive of cryptocurrencies compared to the Democratic candidate, Kamala Harris, and the market is anticipating a more lenient regulatory approach toward this sector under the new Trump administration.
Although in his first term Trump called Bitcoin a “scam,” he pledged during his recent campaign to make the U.S. the “crypto capital.”
The president-elect significantly shifted his stance on crypto during his re-election campaign, positioning himself as a market supporter.
According to the Guardian, among his promises, Trump committed to making the U.S. the “global crypto capital” and to replace the head of the Securities and Exchange Commission, who led efforts under President Joe Biden’s administration to increase government oversight of this largely unregulated market.
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