Bitcoin reached an unprecedented milestone on Wednesday, surpassing the $90,000 mark for the first time in history, driven by growing investor optimism following President-elect Donald Trump’s support for cryptocurrency.
The world’s largest digital asset peaked at $91,000 before settling at $90,670.
This surge marks the latest chapter in Bitcoin’s volatile ascent since Trump’s victory in the U.S. presidential election last week. As the price of Bitcoin continues to set new records, the promise of a more crypto-friendly regulatory environment appears to have fueled its rapid growth. Trump, who had pledged during his campaign to make the United States the “Bitcoin and cryptocurrency capital of the world,” has garnered strong support from crypto enthusiasts.
In addition to his pro-crypto stance, Trump’s previous term saw corporate tax cuts that helped inject liquidity into financial markets, further boosting cryptocurrency investments.
“Under my leadership, America will lead the world in cryptocurrency,” Trump said in a statement after the election. “We will ensure that Bitcoin and other digital currencies thrive in a more flexible regulatory environment.”
This surge in Bitcoin’s value follows closely on the heels of Trump’s campaign promise and his actions to support the crypto market. Earlier this year, Trump announced plans to launch a digital currency platform, World Liberty Financial, alongside his sons and other tech entrepreneurs. However, despite high hopes, the platform’s recent token sale fell short of expectations, with a limited number of tokens sold.
The global cryptocurrency market has been a hotbed of volatility, with high-profile collapses like the FTX exchange scandal shaking investor confidence.
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Yet, Trump’s endorsement of the sector has sparked renewed interest among investors, who see the potential for significant growth as the regulatory environment shifts.
In a historic move ahead of the election, Trump reportedly became the first former U.S. president to make a Bitcoin transaction. The transaction, which took place at a New York restaurant, was hailed as a “historic moment for digital currencies.”
