Bitcoin prices hit all-time high as early election results favor Trump

Topline

Bitcoin hit an all-time high on election night, rising to nearly $74,000 as election results were announced, as betting markets and other indicators suggest Donald Trump has an advantage over Kamala Harris – even though the race is still too close to call to decide.

Important facts

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Forbes rating

We estimate Trump's net worth at $6 billion.

Important background

Over the course of his campaign this year, Trump has become increasingly oriented towards cryptocurrency, accepting crypto donations in May and launching his own crypto platform last month. He has also sold NFT trading cards that sold out and generated millions of dollars, although it is unclear how much of a cut Trump received. This summer, the former president said during a major cryptocurrency conference that he wanted to make the US the “crypto capital of the planet,” a stark departure from his stance on cryptocurrencies years ago when he described their value as “very volatile and based on cryptocurrencies.” thin air.” Trump also told Fox News in 2021 that Bitcoin appeared to be a scam and criticized the cryptocurrency for competing with the dollar.

Further reading

Election Betting Odds: Trump Nears 90% on Major Platforms as More Election Results Come in (Forbes)

Trump Used to Think Crypto Was a 'Scam' – Now He's Launching His Own Crypto Platform Run by His Sons (Forbes)