Capital.com's Daniela Sabin Hathorn: “A crypto-friendly White House is expected to keep Bitcoin supported in the long-run”

“Trump has embraced cryptos and has pledged to make the US the crypto capital of the world, so his victory is seen as bullish for Bitcoin,” Daniela Sabin Hathorn, Senior Market Analyst, Capital.com suggests.

Asked to comment on what Donald Trump’s victory in the US presidential elections would mean for world’s economy, Hathorn told CBN, “He's gone as far as saying he will fire the head of the SEC as he is seen to have a personal vendetta against the crypto industry. All in all, a crypto-friendly White House is expected to keep Bitcoin supported in the long-run with the main coin already hitting new all-time highs.”

Also according to the Senior Market Analyst, “The story looks much the same for the other cryptocurrencies, including so called 'meme coins' with de-regulation and a crypto-friendly government supporting the industry as a whole.”

“However,” as Hathorn went on to say, “traders should apply caution given that some of these meme coins have low liquidity which is exasperating the moves.”

She noted that markets have also seen Doge rally following Trump's re-election, “and with Elon Musk as one of the biggest supporters of that specific coin, his whole empire benefits from a Trump presidency. It is yet to be seen whether Musk actually gets called as part of Trump's team but he could have big implications for markets, and Dogecoin specifically."

Trump has said he plans to make the USA “the crypto capital of the planet” and “bitcoin superpower” once he takes office.

Bitcoin soared to a new record high as traders bet on Trump’s victory, with the tycoon having been seen as the pro-crypto candidate.

The digital currency hit as much as $75,005.08 on the morning of 6 November, topping its previous all-time peak of $73,797.98 in March.

Analysts have also noted that the price of bitcoin has closely followed Trump’s position in the polls and on betting markets with investors appearing to take the view that a Republican victory would lead to a surge in demand for the digital currency.

During his first presidency, Trump referred to cryptocurrencies as a scam, but has since radically changed his position, going so far as to launch his own platform for the unit.