The price of Bitcoin continues to rise since the election victory of Donald Trump, and has now reached a record high.

The price of Bitcoin climbed above $93,000 (£73,144), but as of Wednesday afternoon was down slightly and trading at $92,191 (£72,508).

It was only on Monday that Bitcoin had risen above $84,000 (£65,263) as cryptocurrency investors bet that Donald Trump would institute crypto-friendly policies after taking office in January 2025.

Record price

It should be remembered that Bitcoin was trading at $37,000 a year ago, but had reached a then record high of $63,000 back in April 2021.

This latest surge comes after Trump changed his mind of cryptocurrencies, after he previously criticised them.

During his election campaign, Trump surprised many when he spoke more positively about cryptocurrencies, including a speech in July in which he suggested creating a “strategic national Bitcoin stockpile”.

He promised to make the US “the crypto capital of the planet”, without specifying any policies.

SEC change

President-elect Trump also promised to fire Gary Gensler, the head of the Securities and Exchange Commission (SEC), who has previously been criticised by the head of Coinbase as well as Binance.

This was because since his appointment by Joe Biden in 2021, Gensler has led a drive to more closely regulate crypto firms under existing securities regulations.

The SEC’s drive has seen a crackdown on companies such as Coinbase and Binance, whose chief executive served four months in prison this summer for the company’s failure to enforce money-laundering regulations.

Tom Jowitt

Tom Jowitt is a leading British tech freelancer and long standing contributor to Silicon UK. He is also a bit of a Lord of the Rings nut...

Recent Posts

Supreme Court Permits Nvidia Investor Lawsuit To Proceed

Setback for Nvidia after Supreme Court rules class-action lawsuit against AI chip giant for misleading…

14 hours ago

TikTok Files Challenge Against Canadian Shutdown Order

Notice filed in federal court to challenge Canadian government order to shutdown TikTok's Canada's operations

16 hours ago

Apple Intelligence Launches In UK, Siri Integrated With ChatGPT

Users of the iPhone 15 and later in the UK can now experience Apple Intelligence,…

17 hours ago

US Awards Micron $6.1 Billion From US Chips Act

Biden administration awards $6.1 billion subsidy from US Chips Act for Micron's Idaho and and…

19 hours ago

California Mulls Health Warnings For Social Media Sites

Bill (if passed) could see California become the first US state to require mental health…

22 hours ago

GM Kills Cruise Robotaxi Business, After Funding Is Pulled

General Motors kills Cruise robotaxi ambitions, after halting funding for the loss-making autonomous vehicle unit

23 hours ago