A few hours after Donald Trump’s victory, little by little the new economic era is taking shape
The dollar appreciated on Wednesday and bitcoin surpassed an all-time high, driven by the prospect of a victory for Donald Trump in the United States presidential elections. The third major potential beneficiary of this victory, at this time, is Elon Musk, the founder of Tesla, for reasons that will become more apparent in the long term.
Regarding the greenback, around 04:00 GMT it was trading at 0.9309 euros (+1.76%) and 154.07 yen (+1.62%)while the Republican candidate seemed to take advantage in the electoral count against his Democratic rival, Kamala Harris.
This prospect also skyrocketed the value of bitcoin, as investors are attentive to eventual regulatory easing if Trump, who has emerged as a defender of cryptocurrencies, wins.
Around 03:08 GMT, bitcoin surpassed the $75,000 barrier ($75,005) for the first time, according to real-time market data from the economic information agency Bloomberg. The previous trading record was in March, when bitcoin reached $73,797.98.
Although this Wednesday’s rise moderated, the cryptocurrency remained above that maximum around 0400 GMT, at $74,421. Ether, another popular cryptocurrency, appreciated by 6% and was exchanged for $2,585 at the same time.
«The markets are beginning to bet on a return of Trump. Florida, a highly populated state, has been carried by a larger margin than expected, which reinforces the forecasts of better-than-anticipated Republican results” in the rest of the country, said Yugo Tsuboi, head of strategy at Daiwa Securities, quoted by Bloomberg.
The former president pledged during the campaign to turn the United States into “the world capital of bitcoin and cryptocurrencies» with an extremely flexible regulatory framework.
“The price of bitcoin closely follows Trump’s position in the polls” because for investors, “a Republican victory would imply an increase in demand for digital currencies,” said Russ Mold, analyst at AJ Bell’s office, before the elections. .
Although he initially presented himself as a critic of these currencies, which he himself described as a “scam,” Trump has become one of their defenders and recently launched his own platform for trading cryptocurrencies.
This position contrasts with that of the Joe Biden government, in favor of stricter regulation.
His vice president and Democratic candidate, Kamala Harris, has tried in recent days to give guarantees to reassure cryptocurrency holders.
To some extent this is also a victory for Elon Musk, who has praised Trump and given him significant financial support during the campaign. Musk is also an advocate of cryptocurrencies and has advocated cutting public spending à la MIlei. He also proposed the idea of a new department that would be in charge of providing assistance to the Executive, which suggested that a position would be given to him. However, earlier this week Trump appeared to rule out the possibility of Musk having an official role in the Cabinet.
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