Cryptocurrency Bitcoin crossed the $90,000 mark on Wednesday (November 13) after Republican candidate and US President-elect Donald Trump pledged to ease regulations around digital tokens, AFP news agency reported.
Bitcoin hit an all-time high above $91,000 before falling back to $90,670 on Wednesday. The volatile digital asset has gained significantly since Trump won last week’s US presidential election, repeatedly breaking its previous records.
Trump, during his election campaign, said he planned to make the United States the “bitcoin and cryptocurrency capital of the world,” according to the agency report.
The Trump administration’s previous term was marked by corporate tax cuts that brought more liquidity to the market, encouraging investment in cryptocurrencies.
Trump also announced in September that he and his sons and entrepreneurs would launch a digital currency platform called World Liberty Financial. But the sales launch was faltering earlier this month, with a fraction of the tokens brought to market finding a buyer, according to the agency report.
Cryptocurrencies have made headlines since their creation, due to their extreme volatility and the collapse of several industry giants, including the case of the FTX exchange platform.
On the road to the election, Trump reportedly became the first former president to use Bitcoin in a purchase. He bought burgers at a New York restaurant, which was hailed as a “landmark transaction,” according to the report.
“The new political landscape could bring clearer regulations for crypto assets and could lead to strategic developments, such as a national bitcoin reserve and growth in the mining sector,” said Carl Szantyr, managing partner at hedge fund d digital assets Blockstone Capital, to the Reuters news agency. Wednesday.
Key areas to watch include potential regulatory changes, increased institutional participation and an increase in mergers and acquisitions activity, Szantyr said, the news agency reported.
