Bitcoin has reached an unprecedented milestone, surpassing the $80,000 mark on Sunday in a historic first. The cryptocurrency’s latest surge follows the election of former U.S. President Donald Trump, a candidate widely regarded as supportive of the digital currency industry, leading investors to anticipate a regulatory climate more favorable to cryptocurrency.
The new record came shortly after midday, with Bitcoin climbing in value as optimism spread that a Trump administration would roll back restrictions on digital assets. The world’s largest cryptocurrency first breached $75,000 on Wednesday, just one day after Trump’s electoral victory over Democratic candidate Kamala Harris. Previously, Bitcoin’s peak price had been set in March, when it reached $73,797.98. Trump’s pro-crypto stance was a marked contrast to Harris, positioning him as the favored candidate among digital currency investors.
During his first presidency, Trump had expressed skepticism towards cryptocurrencies, calling them a “scam.” However, he has since reversed his position, even launching a cryptocurrency platform of his own. Trump has vowed to transform the United States into the “bitcoin and cryptocurrency capital of the world,” a vision that includes appointing tech billionaire Elon Musk, known for his outspoken views on both crypto and government spending, to lead an audit aimed at reducing government waste.
In his previous administration, Trump enacted corporate tax cuts that increased liquidity across markets, encouraging investments in high-growth sectors, including digital assets. As investors anticipate a similar economic strategy, Bitcoin’s value has seen rapid growth.
This September, Trump announced his involvement with a new digital currency platform, World Liberty Financial, a venture created in partnership with his sons and fellow entrepreneurs. While its initial launch earlier this month faced hurdles, with token sales falling below expectations, Trump remains committed to expanding the platform.
Cryptocurrencies have captured public attention for both their volatility and the controversial nature of the industry, which has seen high-profile scandals such as the collapse of the FTX exchange. However, the market’s resilience is underscored by Bitcoin’s ongoing growth, as investors seem undeterred by the risks associated with the digital asset class.
In a symbolic move just days before the election, Trump became the first former U.S. president to make a purchase with Bitcoin, buying burgers at a New York City restaurant that hailed the transaction as “historic.” The move has been widely interpreted as a sign of his evolving support for the digital currency ecosystem.
Bitcoin trades 24/7, including weekends, making its record-breaking Sunday another noteworthy day in the cryptocurrency’s history. With Trump set to take office, enthusiasts are hopeful that the U.S. may indeed become a leader in the global cryptocurrency industry, especially as Bitcoin’s role in mainstream financial markets continues to expand.
