Bitcoin reached an unprecedented milestone on Wednesday, breaking past the $90,000 mark as the world’s most widely held cryptocurrency benefited from policy commitments made by President-elect Donald Trump to support the digital asset industry. The cryptocurrency hit a peak of $91,000 before stabilizing at $90,670.
The rise follows a trend of rapid gains for Bitcoin since Trump’s victory in the U.S. presidential election last week, with the asset repeatedly achieving new record highs. During his campaign, Trump pledged to transform the United States into the “Bitcoin and cryptocurrency capital of the world,” a statement that has since energized cryptocurrency markets. His previous term saw him enact corporate tax reductions that increased market liquidity, helping to attract investors to cryptocurrencies.
In September, Trump unveiled plans to launch a digital currency platform called World Liberty Financial, alongside his sons and several entrepreneurial partners. Despite its initial fanfare, the platform’s token sale earlier this month saw a disappointing response, with only a small percentage of available tokens sold.
The cryptocurrency market remains known for its intense volatility and recent history of high-profile collapses, including the demise of the FTX exchange. Yet, these challenges haven’t diminished Bitcoin’s appeal, particularly among investors optimistic about Trump’s regulatory stance.
In a symbolic move ahead of the election, Trump reportedly became the first former U.S. president to conduct a transaction using Bitcoin, purchasing burgers at a New York restaurant, which marked the occasion as a “historic transaction.” This act further underscored Trump’s alignment with the cryptocurrency community and his ambitions to bolster the digital asset sector in his upcoming term.
