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

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency

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A Bitcoin chart is displayed on a cell phone on November 12, 2024 in Austin, Texas. Bitcoin sets a new record as its index performance peaked above $89,000 earlier this morning. AFP file

By AFP

Published: Wed 13 Nov 2024, 8:06 PM

Bitcoin reached a record high above $90,000 Wednesday as the world's biggest cryptocurrency benefits from president-elect Donald Trump's pledge to ease regulation around digital tokens.

Bitcoin rallied to an all-time peak above $91,000 before easing to $90,670.

The volatile asset has rocketed since Trump won last week's US presidential election, smashing its record-high on several occasions.

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The Republican said during campaigning that he planned to make the United States the "bitcoin and cryptocurrency capital of the world".

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into cryptocurrency.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.

But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a "historic transaction".

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AFP

Published: Wed 13 Nov 2024, 8:06 PM

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