Bitcoin surged to record $75,000 as Donald Trump claims victory
Former president promised to create a national crypto stockpile if elected
Business Desk
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Bitcoin surged to a new record high, as investors turned to so-called "Trump trades" on the probability of Republican candidate Donald Trump winning the closely-fought US presidential election.
Crypto markets surged Tuesday night, with bitcoin reaching a new high above $75,000, as NBC News projected wins for the former president.
Trump positioned himself as the pro-crypto candidate during his campaign and promised to create a national crypto stockpile if elected.
In July, he spoke at the biggest bitcoin conference in Nashville, saying he would ensure the federal government never sells its bitcoin holdings, though he didn't propose a formal federal reserve of digital currency.
Crypto-linked stocks like Coinbase and MicroStrategy moved higher as well in after-hours trading Tuesday.
Trump also pledged to maintain the current level of bitcoin holdings that the U.S. has amassed from seizing assets from financial criminals.
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