Bitcoin surges to new high above $80,000
Bitcoin hit a new all-time high above $80,000 on Sunday, continuing its remarkable rise in the days following Donald Trump's victory in the US presidential election.
The world's largest cryptocurrency saw significant gains leading up to the election, spiking sharply on election night once it became clear that Trump would win, and has maintained its upward trajectory since, News.Az reports, citing CNN.Bitcoin is up 80% this year, dwarfing the S&P 500’s still-electric 25.7% gain this year. After briefly touching the $80,000 milestone, bitcoin was trading just below it Sunday mid-morning.
The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto.
A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.
“It’s very young and very growing,” Trump said of the cryptocurrency industry on September 16 while unveiling World Liberty Financial. “I do believe in it.”
The Biden administration, by contrast, has been far more skeptical of crypto. Securities and Exchange Commission Chairman Gary Gensler said in June 2021, in one of his first speeches in his then-new job, that crypto was “ripe with fraud, scams and abuses.”
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