In an interview with the Financial Times, Geoff Kendrick, analyst at Standard Chartered, said the creation of the US National Bitcoin Reserve Fund by Mr. Trump was a "low-probability event". However, since Mr. Trump's victory, the cryptocurrency market has continued to rise, with the price of bitcoin rising more than 15 per cent since November 6 and about 80 per cent this year, outpacing traditional investments such as equities and gold. Richard Teng, chief executive of Binance, called Mr. Trump's victory a "major victory for cryptocurrencies" and predicted an increase in activity during Mr. Trump's second term as president.