A Bitcoin chart is shown on a cell phone on November 12, 2024 in Austin, Texas. Bitcoin has set a new record as its index performance reached above $89,000 earlier this morning. AFP file
Bitcoin hit a record high above $90,000 on Wednesday, benefiting from President-elect Donald Trump's promise to ease regulations around digital tokens. The cryptocurrency surged to an all-time high above $91,000 before settling at $90,670. This volatile asset has soared since Trump's victory in last week's US presidential election, breaking its record multiple times. The Republican mentioned during his campaign that he aimed to make the United States the "bitcoin and cryptocurrency capital of the world". The previous Trump administration saw corporate tax cuts that increased market liquidity, encouraging investments in cryptocurrency. Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform called World Liberty Financial. However, its initial sales launch was disappointing, with only a small fraction of tokens finding buyers. Cryptocurrencies have been in the news since their inception, from their extreme volatility to the collapse of major players like the FTX exchange platform. In the lead-up to the election, Trump reportedly became the first former president to use bitcoin for a purchase, buying burgers at a New York City restaurant, which celebrated it as a "historic transaction".
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