Bitcoin hit a new all-time high on Sunday, as traders believe Donald Trump’s return to the White House will be positive for the cryptocurrency.
According to the ‘AFP’ report, the digital currency crossed the $80,000 level for the first time in its history shortly after noon.
Since Republican candidate Donald Trump won the November 5 presidential election, the idea that he will ease regulations on digital currencies has grown. Bitcoin rose further from an all-time high of $73,798 in March to $75,000 on Wednesday.
In the first term of his presidency, Donald Trump called cryptocurrencies a scam, but he has since changed his position drastically, even launching his platform in support of it.
He has promised to make the US the ‘bitcoin and cryptocurrency capital of the world’ and has put tech billionaire Elon Musk in charge of a wide-ranging audit of government waste.
In September, Donald Trump announced that he would launch a digital currency platform called ‘World Liberty Financial’, but it did not meet with much success after it went on sale earlier this month. Only a few tokens were sold.
It should be noted that cryptocurrencies have been in the news since their inception, from their highly volatile nature to the demise of many industry figures.
