LondonBitcoin rose to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House would be good for the cryptocurrency.
The digital currency exceeded $80,000 for the first time in its history shortly after 12 noon (1200 GMT).
It has risen since Republican candidate Trump won the US presidential election last Tuesday due to the feeling that he will ease regulations related to digital currencies.
Bitcoin reached $75,000 on Wednesday, surpassing its previous all-time high of $73,797.98 achieved in March.
Trump was seen as the pro-crypto candidate in his battle with Democratic Party nominee Kamala Harris.
During his first term, Trump referred to cryptocurrencies as a scam, but he has radically changed his stance since then, even launching his own platform for the unit.
He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world,” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of government waste.
Trump’s previous term saw corporate tax cuts that brought more liquidity to the markets and encouraged investment in high-growth assets such as cryptocurrencies.
Trump announced in September that he, along with his sons and businessmen, would launch a digital currency platform called “World Liberty Financial.”
But it saw a faltering sales launch earlier this month, with only a small portion of the tokens put on the market finding a buyer.
Cryptocurrencies have made headlines since their inception, from their extreme volatility to the collapse of several industry giants, most notably the FTX exchange.
In the run-up to the election, Trump apparently became the first former president to use Bitcoin for a purchase, buying burgers at a New York City restaurant, which he hailed as a “historic deal.”
Bitcoin is listed continuously, including Sundays.