Bitcoin Hits $80,000 for the First Time

AFP/APP

London: Bitcoin surged to a new record high on Sunday as traders anticipated favorable crypto regulations with Donald Trump’s return to the White House.

The digital currency crossed $80,000 shortly after 12:00 pm (1200 GMT), marking a historic milestone.

Since Republican candidate Trump’s victory in last Tuesday’s US presidential election, Bitcoin has been on the rise, driven by optimism that his administration will ease digital currency regulations. The cryptocurrency had already hit $75,000 on Wednesday, surpassing its previous all-time high of $73,797.98 set in March.

Trump, viewed as the pro-crypto candidate, ran against Democratic candidate Kamala Harris. Although he once labeled cryptocurrencies as a scam, Trump has since reversed his stance, even launching his own platform dedicated to digital assets.

He has pledged to make the US the “bitcoin and cryptocurrency capital of the world” and appointed Elon Musk, a tech billionaire and controversial figure, to lead a government audit of wasteful spending.

During Trump’s previous presidency, corporate tax cuts boosted market liquidity, fueling investments in high-growth assets, including cryptocurrencies.

In September, Trump announced plans for a digital currency platform named World Liberty Financial, co-launched with his sons and other entrepreneurs.

However, its early performance has been disappointing, with only a small portion of the platform’s tokens selling during its initial launch.

Cryptocurrencies have long attracted media attention due to their volatility and the collapse of major industry players, such as the FTX exchange.

In a notable pre-election moment, Trump reportedly became the first former president to use Bitcoin in a transaction, purchasing burgers at a New York City restaurant, marking a “historic transaction” according to the establishment.

Bitcoin’s trading is continuous, including Sundays, as it remains the world’s leading digital currency by market capitalization.