Bitcoin reached a new all-time high on Sunday, climbing past $80,000 for the first time.
This rise comes as many traders believe that Donald Trump’s return to the White House could benefit the cryptocurrency market.
Since winning last Tuesday’s U.S. presidential election, speculation has grown that Trump might ease rules on digital currencies.
Bitcoin has been on an upward trend, hitting $75,000 on Wednesday, just after breaking its previous record of $73,797 set in March.
Experts are optimistic. Charles Morris, an analyst at ByteTree, said Trump’s win increases the chance of Bitcoin growing as an asset.
Another analyst, Stephane Ifrah from Coinhouse, believes this upward trend could continue and predicts Bitcoin could reach $100,000 within a year.
Trump, once a crypto skeptic, has now shifted his stance. He’s pledged to make the U.S. a “cryptocurrency capital” and even wants to put Elon Musk in charge of reviewing government spending.
Recently, Trump launched his own digital currency platform, World Liberty Financial, although its initial launch saw limited success.
