The price of the best-known cryptocurrency, Bitcoin, jumped more than 25% to new all-time records this week on the back of Trump’s win, briefly storming past $89,000.
The gains are a sign that investors are anticipating big changes for the sector, which faced a crackdown under the Biden administration from regulators warning it was rife with hucksters and fraudsters.
Trump once also called crypto a scam, but he changed his tune on the campaign trail this year, promising to make the US the “crypto capital of the planet”.
He said he would create a strategic bitcoin stockpile and sack Securities and Exchange Commission chair Gary Gensler, who had sparked anger by taking legal action against firms under existing financial laws.
Crypto firms insist their sector should be subject to new, tailor-made rules. That likely depends on Congress, where they could also get a friendlier hearing this year.
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