- Bitcoin soared to a historic $90,670, briefly touching $91,000, fueled by growing anticipation of President-elect Donald Trump’s supportive stance on cryptocurrency
- Trump’s campaign promises to make the U.S. the "Bitcoin capital of the world" and his new digital currency platform have sparked optimism in the crypto market
- Despite Bitcoin’s record highs, the cryptocurrency market continues to experience significant volatility, raising questions about long-term stability
Bitcoin reached an all-time high of $90,670 on Wednesday, marking a significant milestone for the world’s largest cryptocurrency.
The surge in value comes amid growing optimism surrounding President-elect Donald Trump’s support for digital assets and his pledge to ease regulations on the crypto industry.
Bitcoin briefly spiked to $91,000 before settling just below that mark, as the volatile asset continued its remarkable rally following Trump's recent victory in the U.S. presidential election.
The cryptocurrency’s meteoric rise has been fuelled by speculation that Trump’s administration will take a more favourable stance on crypto regulation, which has long been a contentious issue in the industry.
Trump’s support for cryptocurrencies was a central theme of his campaign, where he vowed to make the United States the "Bitcoin and cryptocurrency capital of the world."
Throughout his previous term, Trump implemented corporate tax cuts that boosted market liquidity, which, analysts say, may have helped to encourage increased investment in cryptocurrencies.
The recent Bitcoin surge coincides with the growing anticipation of Trump’s upcoming policy decisions on digital assets.
In September, Trump made headlines when he announced that he and his sons, along with a group of entrepreneurs, would launch a new digital currency platform called World Liberty Financial.
Although the platform’s initial sales launch earlier this month underperformed, with only a small percentage of tokens sold, the initiative signals Trump’s deepening involvement in the crypto sector.
In the lead-up to the election, Trump also made headlines by reportedly becoming the first former U.S. president to complete a Bitcoin transaction. The purchase, which saw Trump buy burgers at a New York restaurant using Bitcoin, was hailed as a "historic transaction" by the eatery, underscoring the growing mainstream acceptance of cryptocurrencies.
Despite the recent positive momentum, the cryptocurrency market remains volatile, with Bitcoin often experiencing sharp swings in value. The digital asset class as a whole has been marked by extreme price fluctuations, compounded by the collapse of major industry players such as the FTX exchange, which raised concerns about the stability of the sector.
However, Bitcoin’s new record highs reflect investor optimism that, under Trump’s administration, cryptocurrency could see more regulatory clarity and broader adoption, fueling further growth in the coming months.
As Trump prepares to take office in January, the cryptocurrency community is watching closely to see how his policies will shape the future of Bitcoin and other digital assets in the U.S. With Bitcoin continuing to climb in value, the pressure is on for the incoming administration to deliver on its promises to ease regulation and encourage innovation in the digital asset space.
The surge above $90,000 is not just a reflection of market dynamics but also of the broader societal shift toward digital assets as a legitimate store of value.
Report: How MrBeast made $23 million from promoting crypto scam schemes
Meanwhile, TheRadar earlier reported that a new report by researchers has revealed how one of the world’s biggest celebrities and the star with the most subscribed Youtube account, MrBest, earned $23 million in crypto.
The report, published by a relatively unknown crypto researcher Loock.io, said MrBest made the money “from a multitude of scams, shady deals, and his network.”
