On Sunday, Bitcoin surged to a record-breaking high, fueled by traders’ anticipation that Donald Trump’s potential return to the White House could benefit the cryptocurrency sector.
The digital asset surpassed the $80,000 mark for the first time shortly after noon, reaching unprecedented levels. This rally follows Trump’s recent victory in the November 5 presidential election, as investors expect his administration may ease regulations surrounding digital currencies. Bitcoin had already climbed to $75,000 on Wednesday, surpassing its previous peak of $73,797.98 set in March.
Trump, often considered a pro-crypto candidate compared to his opponent Kamala Harris, initially criticized cryptocurrencies during his first term, labeling them as scams. However, he has since reversed his stance, even creating his own digital platform. He has vowed to position the United States as a global leader in cryptocurrency, pledging to appoint Elon Musk to oversee a broad review of government waste.
In a bid to boost his cryptocurrency credentials, Trump recently announced the launch of a new digital currency platform, World Liberty Financial. However, its rollout earlier this month met with limited success, with only a small portion of its tokens being sold.
Cryptocurrencies have long captured attention, known for their intense price swings and notable collapses within the industry.
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