New York: Bitcoin surged to a record high on Sunday, driven by speculation that a potential return of Donald Trump to the White House could benefit the cryptocurrency market.
According to a report published in Dawn News, the digital currency crossed the $80,000 mark for the first time in history shortly after midnight. Previously, Bitcoin reached $73,798 in March and continued its upward trend to $75,000 by Wednesday.
Trump, viewed by some as a pro-crypto candidate in his race against Democratic contender Kamala Harris, had initially condemned cryptocurrencies as a “scam” during his first presidency. Since then, he has drastically changed his stance, even launching his own crypto platform and vowing to make the U.S. the “crypto capital of the world,” appointing billionaire tech mogul Elon Musk as head of a large-scale audit on national waste.
Though Trump announced a digital currency platform called “World Liberty Financial” in September, it faced sluggish initial sales, with only a few tokens sold. Cryptocurrencies have remained controversial, largely due to their volatility and the financial risks involved.
