Bitcoin soars on Trump's wings; flies past $80,000

Bitcoin surged to a new record high on Sunday as traders bet that Donald Trump's return to the White House would benefit the cryptocurrency industry. 

The benchmark for all cryptocurrencies, Bitcoin, passed the $80,000 mark for the first time on Sunday. 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 in March.

Bitcoin as a vote catcher for Trump

Trump was seen as a pro-crypto candidate in his battle with Kamala Harris, the Democratic party candidate. He referred to cryptocurrencies as a scam during his first presidency but has changed his position since then 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.

Trump announced in September that he would, along with his sons and other entrepreneurs, launch a digital currency platform, World Liberty Financial. It has been losing sales since 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.”

(By arrangement with livemint.com)