Bitcoin reached a new all-time high on Wednesday, as market sentiment rallied following former President Donald Trump’s return to the political scene, seen by many as potentially favorable for Bitcoin and digital assets.

Bitcoin’s value climbed nearly 8% in early trading, breaking past $75,000 and surpassing its previous record from March.

Trump, previously critical of Bitcoin and cryptocurrency, shifted his stance before the election, pledging to make the U.S. “the crypto capital of the planet” and proposing a national “strategic reserve” of Bitcoin.

One of Trump’s promises that struck a chord with the industry was his intention to “free Ross Ulbricht,” the Silk Road founder serving a life sentence for operating an online black market. 

Ulbricht’s case has become symbolic within the space, with many viewing his sentence as disproportionate and politically charged. 

Trump’s vow to review and potentially pardon Ulbricht has sparked optimism among Bitcoiners who see his case as emblematic of the need for regulatory reform.

In a post on X, JAN3 CEO Samson Mow highlighted Trump’s victory with a checklist that included “Trump Victory” alongside references to a “Strategic #Bitcoin Reserve” and the campaign to “#FreeRoss,” aligning Trump’s success with key industry goals.

Trump had also previously mentioned plans to replace current SEC Chair Gary Gensler, who has led increased scrutiny of the Bitcoin and crypto sector.

Brian Armstrong, CEO of Coinbase, expressed optimism, posting on X that “the crypto voter has spoken decisively — across party lines and in key races across the country.” 

Armstrong added that Americans appear increasingly interested in a clear regulatory framework for digital assets and that he looked forward to working with Congress to help establish it.

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