Bitcoin hits $90,000 for first time following Trump’s support

Bitcoin surged to a record high above $90,000 on Wednesday, November 13, driven by optimism surrounding president-elect Donald Trump’s pledge to ease regulations on digital tokens. The world’s largest cryptocurrency briefly touched an all-time peak of $91,000 before stabilizing at $90,670.

The cryptocurrency has seen a remarkable rally since Trump’s victory in the U.S. presidential election last week, repeatedly breaking its previous record highs. During his campaign, Trump stated his intention to make the United States the “bitcoin and cryptocurrency capital of the world,” sparking investor enthusiasm.

The rally is reminiscent of the boom in the cryptocurrency market during Trump’s first term, when corporate tax cuts increased liquidity in markets, fueling investment in digital assets like Bitcoin. Trump’s policies and his pro-crypto stance have reinvigorated the market, which has experienced volatile swings in recent years.

In addition to his political promises, Trump’s personal involvement in the cryptocurrency space also gained attention. In September, he announced plans to launch a digital currency platform, World Liberty Financial, alongside his sons and other entrepreneurs. However, the platform’s sales launch earlier this month was met with lukewarm reception, with only a small fraction of its tokens being sold.

Cryptocurrencies have continued to make headlines for their extreme volatility and regulatory challenges, as evidenced by the collapse of major industry players like the FTX exchange platform. Despite these setbacks, Bitcoin’s recent surge shows the growing influence of Trump’s crypto-friendly rhetoric.

In the weeks leading up to the election, Trump even reportedly became the first former U.S. president to make a purchase with Bitcoin, buying burgers at a New York City restaurant, which touted the transaction as a “historic” moment for the cryptocurrency space.