Bitcoin soared to a record high on Sunday, surpassing $80,000 for the first time ever, following Donald Trump’s return to the White House. This surge occurred shortly after noon GMT and was fueled by trader optimism that Trump’s leadership will benefit the cryptocurrency market.
The digital currency had already risen to $75,000 on Wednesday, breaking its previous record of $73,797.98 set in March. Traders are reacting positively to Trump’s recent success in the presidential election, believing he will loosen regulations on digital currencies.
In his previous tenure, Trump called cryptocurrencies a scam; however, his views have shifted significantly since then. He has even announced plans to create a platform for digital currency through a venture called World Liberty Financial, although its initial launch struggled to attract buyers.
Trump is positioning himself as a pro-crypto leader, promising to establish the U.S. as the global hub for bitcoin and other cryptocurrencies. He also plans to appoint tech mogul Elon Musk to oversee an extensive audit of government spending.
During his earlier term, tax cuts enabled more capital flow into markets, sparking interest in high-growth assets like cryptocurrencies. Recently, Trump made headlines by reportedly being the first former president to use bitcoin in a purchase when he bought burgers at a New York restaurant, a transaction that was celebrated as a historic event.
As always, bitcoin continues to be actively traded, even on Sundays.
