Price Of Bitcoin Soars After Donald Trump’s Election Victory: But What Does That Mean For The UK?

After a rise of 80% this year, the price of Bitcoin now stands at $80,000 or (£62,000).

This is due to Donald Trump’s unflinching support of the cryptocurrency following his successful campaign and securing of the presidency. When speaking at industry events, Trump promised to make the US the “crypto capital of the planet.” This is a far cry from his opinion four years ago when he suggested, “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” The president’s seeming change of heart has led to a surge of investors in cryptocurrency in general, but Bitcoin especially.

This could have a number of ripple effects on residents of the UK.

Bitcoin and other cryptocurrencies are already reasonably popular in the United Kingdom, especially when it comes to making payments for online services. This is likely because of the many advantages that come with cryptocurrencies, such as their additional safety and versatility. For example, Bitcoin is now being accepted in fast withdrawal casinos in the UK, where players can deposit and withdraw large sums almost instantly, and enjoy bigger bonuses to play for longer, too. A growing number of retailers are also accepting BTC nowadays, for example, Bitcoin-bought gift cards are accepted by Primark and Currys PC World, as well as travel companies like National Express.

Over in the US, Trump’s support of Bitcoin and cryptocurrencies in general will massively contribute to it becoming a regular form of payment in the US. Trump himself has further suggested this after promising to fire the current chair of the Security Exchange and Commission, Gary Gensler, who was appointed by Joe Biden and was working to crackdown and control the crypto industry.

If these changes are to occur in the US, it can be safe to assume that the UK will follow suit out of fear of being left behind. General studies suggest that cryptocurrency is likely to become a regular form of payment, both online and in person (through the scanning of QR codes at checkouts) and these developments in the US are only guaranteed to speed up this process.

Additionally, as Trump drives home his support of Bitcoin, explains how he himself has invested, and encourages American people to do the same, the price of bitcoin will continue to rise. As this rises, there will likely be an increase of investors across the world, including in the UK. All of this will continue to contribute to the surging price of Bitcoin and its overall acceptance into mainstream society.

Another thing to consider is what effect government support will have on the future of Bitcoin. As America works on legislation to bring Bitcoin and other cryptocurrencies to the mainstream, other countries, such as the UK are sure to follow suit. Although this was happening behind the scenes by American legislators, with Trump’s backing, this process is bound to speed up. The development of this kind of legislation will mean the kind of things that need to happen to bring cryptocurrencies into mainstream society may be happening much more quickly than previously anticipated.