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Since Republican candidate Trump won the US presidential election last Tuesday on the promise of loosening regulations on digital currencies, bitcoin has been increasing.
As traders placed bets that Donald Trump’s return to the White House would benefit the cryptocurrency, Bitcoin shot up to a new record high on Sunday.
Shortly after 12:00 pm (1200 GMT), the digital currency crossed the $80,000 mark for the first time in its existence.
Since Trump, a Republican, won the US presidential election last Tuesday on the promise that he would loosen regulations on digital currencies, it has been increasing.
Charles Morris, an analyst at the investment firm ByteTree, told AFP, “The odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly.”
Bitcoin surpassed its previous all-time high of $73,797.98, which was reached in March, to reach $75,000 on Wednesday.
“It is unlikely that this bullish trend will be broken for at least a year. “For me, $100,000 is the next step,” Stephane Ifrah, of Coinhouse, a French cryptocurrency asset management company, told AFP.
In his contest against Kamala Harris of the Democratic Party, Trump was perceived as the pro-crypto candidate.
During his first presidency, Trump referred to cryptocurrencies as a scam but has since radically changed his position, even launching his own platform for the unit.
He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.
Corporate tax cuts during the previous Trump administration increased market liquidity and enticed investment in high-growth assets like cryptocurrencies.
Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.
However, during its stuttering sales launch earlier this month, only a small portion of its tokens that were put on the market were bought.
Since their inception, cryptocurrencies have garnered media attention due to their extreme volatility and the demise of multiple industry titans, most notably the FTX exchange platform.
A restaurant in New York City praised Trump’s “historic transaction” of using bitcoin to purchase hamburgers in the lead-up to the election, making him reportedly the first former president to do so.
Even on Sundays, Bitcoin is listed continuously.