Bitcoin hits $90,000 for first time on Trump support

Bitcoin reached an all-time high of over $90,000 yesterday, benefiting from President-elect Donald Trump's pledge to ease regulations on digital currencies. The world's leading cryptocurrency surged to a peak of $91,000 before settling at $90,670.

Bitcoin's remarkable rally began after Trump's victory in last week's U.S. presidential election, consistently breaking its previous record highs. During his campaign, Trump expressed his intention to make the United States the "bitcoin and cryptocurrency capital of the world."

The previous Trump administration had enacted corporate tax cuts that increased liquidity in the markets, fostering investment in cryptocurrencies. In September, Trump announced plans to launch a digital currency platform called World Liberty Financial, alongside his sons and other entrepreneurs. However, the platform's sales launch earlier this month was less successful, with only a small portion of its tokens being sold.

Cryptocurrencies have attracted significant attention since their inception, with their extreme volatility and the collapse of major industry players, such as the FTX exchange platform. In the lead-up to the election, Trump made headlines by reportedly becoming the first former U.S. president to use bitcoin for a purchase, buying burgers at a New York City restaurant, which celebrated the transaction as "historic."

AFP

 

 

 

4o mini