Former President Trump wins historic second term as Bitcoin hits record $75.3K, boosted by his pro-crypto stance and promises to make US a crypto hub.
In a historic turn of events, former President Donald Trump has secured his return to the White House, becoming only the second U.S. president to win two nonconsecutive terms in office.
The Associated Press called the race early Wednesday morning after Trump clinched crucial victories in Wisconsin and Pennsylvania, accumulating 277 electoral votes and surpassing the required 270 threshold.
The victory sparked immediate reactions in financial markets, with Bitcoin surging to a new all-time high of $75,300 during trading hours.
The crypto, which had already climbed from $68,000 to $73,900 in the previous 24 hours on anticipation of Trump's victory, reflects the market's enthusiasm for his pro-crypto stance.
Speaking at the Palm Beach Convention Center in Florida, Trump addressed supporters with a message of unity: "We're going to help our country heal," he declared, promising to deliver "a strong, safe and prosperous America." The president-elect characterized his victory as overcoming "obstacles that nobody thought possible."
His running mate, 40-year-old Senator JD Vance of Ohio, will become the youngest vice president in recent history. According to reports, JD Vance currently holds $250,000 to $500,000 in bitcoin.
The election results mark a significant setback for Vice President Kamala Harris, who assumed the Democratic nomination after President Biden's unexpected withdrawal in July. Biden's decision to end his reelection bid came following a challenging debate performance in June that raised concerns about his fitness for office.
Trump's pro-crypto stance appears to have played a significant role in his victory. His campaign promises included making the U.S. the "crypto capital of the planet," developing a strategic Bitcoin reserve, and appointing crypto-friendly regulators. These positions marked a dramatic shift from his previous skepticism toward digital assets and garnered substantial support from the cryptocurrency industry.
As markets respond to the election results, analysts are closely watching how Trump's promised regulatory shifts and pro-crypto policies might reshape the financial landscape in his upcoming term, set to begin in January 2025.
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