Donald Trump was elected the 47th president of the United States on Wednesday, an extraordinary comeback for a former president who refused to accept defeat four years ago, sparked a violent insurrection at the U.S. Capitol, was convicted of felony charges and survived two assassination attempts. With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency.
The victory validates his bare-knuckle approach to politics. He attacked his Democratic rival, Kamala Harris, in deeply personal – often misogynistic and racist – terms as he pushed an apocalyptic picture of a country overrun by violent migrants. The coarse rhetoric, paired with an image of hypermasculinity, resonated with angry voters – particularly men – in a deeply polarized nation.
The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies.
Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.
Another token, dogecoin, rocketed as much as 18%. It’s the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s most prominent supporters.
Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which ocers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.
Amid a national election coined as one of the most consequential in history, Minnesota GOP and DFL watch parties observed in anticipation as votes rolled in for the presidential, house and senate races.
At the Intercontinental Hotel in St. Paul, Democrats celebrated incumbent Democrat Amy Klobuchar’s win for U.S. Senate. “Minnesota, you know that I will always have the people of our state as our North Star, no matter through good times and bad … I am honored to continue to serve as your United States Senator,” Klobuchar said in her acceptance speech.
Though Republican candidate Royce White did not win, Minnesota GOP Chair David Hann noted the Republican Party’s winning of the majority of the U.S. Senate. “It’s great for the country, we’re obviously pleased with the fact that the U.S. Senate and maybe the U.S. house is gonna be back in Republican control,” Hann said.
Emmy Schulz can be reached at schu4600@stthomas.edu.