Topline
Bitcoin reached an all-time excessive on election night time, spiking to almost $74,000 as election outcomes surfaced, as betting markets and different indicators counsel Donald Trump has an edge on Kamala Harris—although the race remains to be too near name.
Former President Donald Trump offers a keynote speech on the third day of the Bitcoin 2024 convention … [+]
Key Info
Bitcoin jumped greater than 8% Tuesday to $74,659 round 10:08 P.M. EST earlier than reducing beneath the $74,000 mark briefly.
The surge comes as extra states shut polls and coincides with increasingly favorable betting odds for Trump to win the election on platforms like Polymarket, Kalshi and PredictIt.
Bitcoin has surged within the lead-up to Election Day and topped $73,000 final week—a seven-month high for the cryptocurrency.
Trump, who has championed himself as a “crypto president” and promised to be extra crypto-friendly than Harris or President Joe Biden, additionally noticed a big increase to his media firm, Trump Media & Expertise Group, which has surged greater than 10% in after-hours buying and selling to $37.48 after closing Tuesday at $33.94.
Shares of Tesla, the electrical automaker headed by billionaire Trump supporter Elon Musk, are up practically 3% in after-hours buying and selling to $258.70 after closing at $251.44 earlier Tuesday.
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Forbes Valuation
We estimate Trump’s web price at $6 billion.
Key Background
Trump more and more aligned himself with cryptocurrency as his marketing campaign continued this 12 months, accepting crypto donations in Could and launching his personal crypto platform final month. He has additionally offered NFT buying and selling playing cards that offered out and generated millions of dollars, although it’s unclear how a lot of a lower Trump acquired. This summer time, the previous president stated throughout a serious cryptocurrency conference he wished the U.S. to develop into the “crypto capital of the planet,” a stark distinction from his stance on cryptocurrency years in the past, when he bashed their value as “extremely risky and primarily based on skinny air.” Trump additionally informed Fox Information in 2021 bitcoin appeared like a rip-off and criticized the cryptocurrency as a result of it competed towards the greenback.
Additional Studying
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)
Bitcoin Prices Hit All-Time High As Early Election Results Favor Trump www.forbes.com 2024-11-06 06:24:39
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