The United States election has had a tremendous effect not only on the stock market but also on the price of cryptocurrency bitcoin. The election of Republican Donald Trump to the White House triggered a significant surge in the value of bitcoin to reach a record high of $738.

Aside from bitcoin, the value of traditional stock commodities like gold also experienced a notable surge by up to four percent. On the other hand, bitcoin was reportedly the sole digital currency to benefit from Trump's ascension to the White House, according to Digital Trends. Following the U.S. Election, digital currencies' Ripple and Ethereum saw their values dive.

The meteoric rise in bitcoin's value following the election is not at all baffling as the cryptocurrency is somewhat known for its unpredictability. Despite bitcoin's unstable debut in trading back in 2010, the cryptocurrency has enjoyed a stable trading value this year. However, analysts believe that the cryptocurrency can retain its former glory when it hit an unbelievable $1,200 value back in 2013.

Blockchain chief executive officer Peter Smith recently confirmed that Trump's decisive victory helped push the price of bitcoin. Blockchain is considered the world's biggest bitcoin wallet provider.

In a statement acquired by Business Insider, Smith said, "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."

There are speculations that foreign superpowers like Russia and China will be doubling their efforts to hoard bitcoin assets now that Trump is set to enter the White House. Before the conclusion of the U.S. election, it was reported that several Chinese bitcoin miners and traders have started stacking up their bitcoin wallets in anticipation of Trump's victory.