Bitcoin (BTC) rose for a second day, surging to a new all-time high price of $35,751, according to CoinDesk’s Bitcoin Price Index.
The jump came as votes were tallied from Tuesday’s special U.S. Senate runoff elections in the state of Georgia, where Democrats appeared on the cusp of gaining two seats that would deliver President-elect Joe Biden’s party the upper legislative chamber and full control of Congress. A big loser in Georgia was U.S. Senator Kelly Loeffler, a former CEO of the Bakkt cryptocurrency exchange.
A Democratic win in the other Senate runoff election, which is where the votes were leaning early Wednesday, would usher in the “Blue Wave” scenario that cryptocurrency traders have been speculating over for months. Biden has pledged to increase government spending, which could lead to higher inflation as well as additional bond purchases (money printing) from the Federal Reserve.
Bitcoin is viewed as a potential hedge against currency debasement by