Is Trump's victory good news for Bitcoin?

The currency is being used by many investors as a haven asset since Trump won...

Is Trump's victory good news for Bitcoin?

Bitcoin, the world's largest crypto-currency, could be set for a resurgence while Donald Trump sits in the Oval Office.

Insiders report that Bitcoins are in high demand as investors look to avoid market volatility under Trump's leadership.

Blockchain is the world's largest Bitcoin wallet provider, its services allow people to hold and transfer Bitcoins. Its CEO Peter Smith said that it has seen a surge in activity since Trump won the US presidential election.

Eric Gay AP/Press Association Images

"We're setting a new record pretty much every day since the election in terms of activity on the platform," he told Business Insider.

"People are basically hedging against economic instability. It's a worrying time to be holding a lot of British pound or if you're America, people flee to safe haven assets. Bitcoin is one of those," he continued.

Before the result $1 USD bought $708 - after Trump was named US President-elect that shot up to $738. However, today it has retreated back to $699.98. This comes as markets bet on the new US President pursuing expansionary policies which will trigger an increase in the pace of interest rate increases.

Bitcoin values have remained relatively stable during the second half of 2016 and remain far below the values seen in 2013's pre-Christmas Bitcoin boom which saw the value of one coin rise to more than $1,200.

While the situation remains calm for the moment, Bitcoin could be turned to during the New Yorker's presidency when the economic outlook gets cloudy.

It may serve as a safe harbour, especially if the Republican delivers on his promises to take on China. Early signs show that the country will not take a set backwards if the US pursues an aggressive trade policy

If the two enter a trade war Bitcoin could be one of the few winners.