Donald Trump’s decisive election victory has lit up so-called crypto-bro trades.
Bitcoin surged about 10 per cent. On Wednesday, trading volume for BlackRock’s $33bn iShares Bitcoin Trust exchange traded fund recorded a new daily high of $4.1bn. Other cryptocurrencies and crypto-related stocks also got jolted higher. Coinbase, one of the biggest cryptocurrency exchanges, jumped 40 per cent this week. Online brokerage Robinhood Markets, which offers crypto trading, gained a quarter and MicroStrategy, which says it is the “largest corporate holder of bitcoin”, was up almost as much.
Investors are convinced that…
