London – Bitcoin surged to a new all-time high on Sunday, topping $80,000 as traders speculated that Donald Trump’s potential return to the White House could boost the digital currency’s prospects. The cryptocurrency’s rapid climb reflects investor confidence in the former president’s pro-crypto stance, with many expecting his policies to foster growth in the sector.
The digital asset broke the $80,000 mark shortly after noon (1200 GMT), continuing a rally that began following Trump’s victory in last Tuesday’s U.S. presidential election. Bitcoin had already reached $75,000 on Wednesday, surpassing its previous record of $73,797.98, achieved in March.
The former president, seen as the pro-crypto candidate in his contest against Democratic nominee Kamala Harris, has shifted his position on digital currencies over the years. During his first term, Trump labeled cryptocurrencies a “scam.” However, his outlook has since evolved, and he recently launched his own digital asset platform, World Liberty Financial, as part of a broader push to establish the United States as a global hub for cryptocurrency innovation.
Aiming to make the U.S. the “bitcoin and cryptocurrency capital of the world,” Trump has announced plans to appoint tech billionaire Elon Musk to lead a comprehensive audit of government spending if elected, which could further appeal to cryptocurrency advocates.
His previous term brought corporate tax cuts, injecting liquidity into financial markets and spurring investments in high-growth assets, including cryptocurrency. Analysts anticipate that similar economic policies under Trump could again favor digital assets.
Although World Liberty Financial’s initial launch faced setbacks, with limited interest in its tokens, Trump’s ongoing support for cryptocurrency remains a draw for investors. In a symbolic move ahead of the election, Trump reportedly became the first former U.S. president to use bitcoin in a purchase, buying a meal in New York City—a transaction celebrated as “historic” by the restaurant.
Despite the volatile nature of cryptocurrencies and the industry’s upheavals, such as the high-profile collapse of the FTX exchange, Bitcoin’s new high demonstrates sustained interest and optimism within the sector. Bitcoin trades 24/7, with its value fluctuating continuously across global exchanges.
