Trump's Return to the White House? Bitcoin Surges to All-Time High of Over $80,000!

Trump's Return to the White House? Bitcoin Surges to All-Time High of Over $80,000!Agence France-Presse reported on November 10 that the price of Bitcoin skyrocketed to a record high as traders bet that Donald Trump's return to the White House would be favorable for the cryptocurrency. Bitcoin broke through the $80,000 barrier for the first time ever shortly after midday GMT

Trump's Return to the White House? Bitcoin Surges to All-Time High of Over $80,000!

Agence France-Presse reported on November 10 that the price of Bitcoin skyrocketed to a record high as traders bet that Donald Trump's return to the White House would be favorable for the cryptocurrency. Bitcoin broke through the $80,000 barrier for the first time ever shortly after midday GMT. Since Trump, the Republican presidential candidate, won the US presidential election, Bitcoin has been on an upward trajectory, fueled by the belief he would loosen regulations on digital currencies.

"The likelihood of Bitcoin and cryptocurrencies becoming a bigger asset class has risen significantly," said Charles Morris, an analyst at Byte Tree in the UK. Bitcoin reached $74,000 on November 6, eclipsing its previous all-time high of $73,797.98 set in March this year. "We expect this bullish trend to continue for a long time around a year," said Stephane Ifra from France's 'Money House'. "I think the next possible price level for Bitcoin is $100,000."

Trump is seen as a pro-cryptocurrency presidential candidate. He's facing off against Democratic presidential nominee Kamala Harris. During his first term, Trump had dismissed cryptocurrencies as a scam, but later completely reversed his stance and even launched his own cryptocurrency platform.

Trump has promised to make the US the "world capital of Bitcoin and cryptocurrencies." He also tapped tech billionaire Elon Musk to head a massive audit of government waste.

During Trumps previous term, U.S. corporate tax cuts injected more liquidity into the market, encouraging investment in high-growth assets like cryptocurrencies.

In September, Trump announced he would be launching a digital currency platform called World Freedom Finance with his sons and entrepreneurs. However, earlier this month, the platforms initial sale was lackluster with only a fraction of the tokens offered finding buyers.

Cryptocurrencies have consistently made headlines since their inception, with wild price swings and collapses of several industry giants, most notably the trading platform FTX. On the eve of the US presidential election, Trump purchased a burger at a restaurant in New York City using Bitcoin. The restaurant erupted in cheers, calling it a "historic transaction."