Bitcoin is soaring on optimism that President-elect Trump will follow through on his promise to support Bitcoin and the crypto industry at large.
Republicans have won control of the Senate, with the House still up for grabs.
And as the future balance of power comes into focus, Wyoming Republican Senator Cynthia Lummis is promising the US will hold BTC as a strategic reserve asset.
On the campaign trail, Trump promised that under his administration, the US would stop selling seized Bitcoin on the open market, and instead strategically hold the asset as an investment.
The President-elect also promised to fire U.S. Securities and Exchange Commission Chair Gary Gensler, end policies that prevent crypto investors and companies from using digital assets and support people’s right to hold crypto assets in their own wallets.
Bitcoin’s price has touched a new all-time high of $75,883, and is now at $75,758 at time of publishing.
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