Bitcoin surged to a new record high on Sunday, November 10, as traders bet that Donald Trump's return to the White House would benefit the cryptocurrency industry, reported the news agency AFP.
The benchmark for all cryptocurrencies, Bitcoin, passed the $80,000 mark for the first time ever shortly after 12:00 pm (1200 GMT). The cryptocurrency has been on the rise since Trump's win last Tuesday as the President-elect over sentiments of the Trump administration easing digital currency regulations.
Bitcoin reached $75,000 on Wednesday, crossing its previous all-time high of $73,797.98 achieved back in March.
Donald Trump is seen as a pro-crypto candidate in his battle with Kamala Harris, the candidate for the Democratic party.
Trump referred to cryptocurrencies as a scam during his first presidency, but since then has changed his position and even launched his own platform for the unit, as per the agency report.
The Republican candidate has pledged to make the United States “bitcoin and cryptocurrency capital of the world” and to put Tesla founder and chief executive officer Elon Musk in charge of a wide-ranging audit of governmental waste, as per the report.
Trump announced in September that he, along with his sons and entrepreneurs, will launch a digital currency platform named World Liberty Financial. It has been losing sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer, reported the agency.
Cryptocurrencies have created headlines since their launch, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.
Trump also became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which was noted as a “historic transaction.”
As Bitcoin is listed continuously, including on Sundays, as per the report.
