Bitcoin reached a new record high, surpassing $80,000 for the first time. This surge occurred following optimism that Donald Trump’s potential return to the White House would benefit the cryptocurrency market.
The price of Bitcoin has been climbing since Donald Trump, perceived as favourable towards digital currencies, won the U.S. presidential election last Tuesday. By Wednesday, Bitcoin had already exceeded its previous high, reaching $75,000 compared to the March peak of $73,797.98.
During his initial term, Trump criticized cryptocurrencies as a scam, but his stance has dramatically shifted. He has since endorsed cryptocurrencies, even launching his digital currency platform, and expressed intentions to make the U.S. the global hub for Bitcoin and other cryptocurrencies. His plan includes appointing tech mogul and controversial figure Elon Musk to oversee a comprehensive audit of government expenditures.
The previous Trump administration facilitated corporate tax reductions, injecting more liquidity into the markets and fostering investments in high-growth assets like cryptocurrencies.
In September, Trump, his sons, and other entrepreneurs unveiled the World Liberty Financial digital currency platform. However, this month’s launch saw limited success, with only a small portion of the available tokens sold.
The cryptocurrency sector has consistently been in the spotlight, notorious for its extreme volatility and the collapse of major platforms, notably the FTX exchange.
In a groundbreaking move leading up to the election, Trump reportedly became the first former president to use Bitcoin for a commercial transaction, buying burgers at a New York City restaurant in what was celebrated as a “historic transaction.”
Bitcoin trading continues around the clock, including Sundays.
