Bitcoin crosses $80,000 level for the first time after historic victory of Donald Trump
KARACHI ( WEB NEWS )
Bitcoin surged to a record high on Sunday as traders speculated that Donald Trump’s potential return to the White House could boost the cryptocurrency sector.
The digital currency crossed the $80,000 mark for the first time in its history shortly after noon.
Since Trump’s victory in last Tuesday’s U.S. presidential election, Bitcoin has been on the rise amid optimism that the Republican candidate will relax regulations on digital currencies.
Bitcoin climbed to $75,000 on Wednesday, surpassing its previous all-time high of $73,797.98 set in March.
In the race against Democratic candidate Kamala Harris, Trump was widely regarded as the pro-crypto candidate.
Although Trump had previously criticized cryptocurrencies as a scam during his first presidency, he has since reversed his stance, even launching his digital currency platform.
Trump has promised to establish the United States as the “bitcoin and cryptocurrency capital of the world” and has pledged to appoint tech billionaire Elon Musk to lead a comprehensive audit of government waste.
His previous term was marked by corporate tax cuts that injected liquidity into markets, spurring investments in high-growth assets like cryptocurrencies.
In September, Trump announced the upcoming launch of World Liberty Financial, a digital currency platform co-founded with his sons and business partners.
However, the platform’s token sale earlier this month saw limited demand, with only a small portion of tokens finding buyers.
Cryptocurrencies have been known for their volatility and high-profile scandals, including the collapse of major industry players like the FTX exchange.
Leading up to the election, Trump reportedly became the first former president to use Bitcoin in a transaction, purchasing burgers at a New York City restaurant that celebrated the sale as a “historic transaction.”
Bitcoin trading remains active around the clock, including Sundays.