Bitcoin has surged to a three-month high this week, driven by hopes that the upcoming US elections will prove favourable for the crypto industry
.The world’s most valuable cryptocurrency was trading above $66,000, up more than 100% since last year and just a few thousand dollars away from its all-time high
.
Some market analysts and industry figures believe bitcoin’s price could be boosted by either of the two leading candidates winning the presidency
.
Donald Trump has embraced the crypto industry, positioning himself as the pro-crypto candidate, while Democratic nominee Kamala Harris has hinted that she will be more favourable towards it compared to the current Biden administration
.
With roughly 20% of American adults now owning one or more cryptocurrencies, it is the first time that the topic has taken on significance in a major US election.
