Bitcoin explodes to a new all-time high of over $88,000 after President Trump wins US elections

Bitcoin has smashed through a new all-time record high price of $88,000+ after Donald Trump's victory in the 2024 US presidential elections, after his administration saying they'll be pro-crypto.

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The world's biggest cryptocurrency has pumped over 25% in value since the November 5 elections, with Reuters also pointing out that Elon Musk's automotive side Tesla has seen its shares skyrocket by 40% after the elections, as Musk is joining the Trump administration and its DOGE (Department of Government Efficiency).

Nick Twidale, chief market analyst at ATFX Global in Sydney said: "Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves. The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above".

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Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, said: "I think it increases the chances that other nation states buy bitcoin in a bid to front run the U.S. Additionally I think it would be a crazy catalyst for the U.S. listed Bitcoin miners ... given possibilities of such entities getting nationalised".

Software company and investor in Bitcoin, MicroStrategy, also announced it spent around $2 billion buying Bitcoin between October 31 and November 10, with shares in the company rising 26% and were still gaining in after hours trading.

Bitcoin's next big goal is $100,000... and beyond that, well, the sky is the limit.