Bitcoin surges to record high above $93,000 amid Trump’s pro-crypto agenda
Bitcoin icon and a figurine of former US President Trump (Courtesy of Bitcoin Magazine)
Bitcoin hit an all-time high of over $93,000 on Wednesday, driven by President-elect Donald Trump’s promise to ease regulation around digital tokens.
The digital currency has surged more than 30% since Trump’s election victory last week, repeatedly breaking its own records and surpassing $90,000 for the first time.
Trump’s support for cryptocurrencies
During his campaign, Trump pledged to make the U.S. the “bitcoin and cryptocurrency capital of the world.” His pro-crypto stance has been credited for Bitcoin’s recent rally.
“The main catalyst for the recent surge is the victory of Donald Trump,” noted Alexander Londono, a market analyst at ActivTrades. Trump has been an outspoken advocate of cryptocurrencies and has vowed to reduce regulations in the sector.
Broader cryptocurrency boom
The rally is not limited to Bitcoin. Other digital currencies, such as Dogecoin, which has been backed by Tesla’s CEO Elon Musk, have also benefited from the growing excitement surrounding Trump’s victory and cryptocurrency-friendly policies.
Independent markets analyst Stephen Innes said that the surge across cryptocurrencies has “set global markets ablaze, stirring up waves of excitement and speculation.”
Elon Musk’s role and ‘historic transaction’
Trump announced that Musk, who played a significant role in his campaign, will head a new U.S. government-efficiency group focused on reducing federal waste.
Musk, the world’s richest man, is also credited with boosting cryptocurrency markets during the election period.
Trump’s previous term as president saw policies that favored cryptocurrency investment, including corporate tax cuts. Recently, Trump launched his own digital currency platform, World Liberty Financial, although its sales debut struggled earlier this month.
In a nod to his crypto advocacy, Trump became the first former president to use Bitcoin in a purchase, buying burgers at a New York City restaurant in what was hailed as a “historic transaction.”
