Bitcoin exceeds $80,000 for the first time in its history thanks to… Donald Trump

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Bitcoin exceeded $80,000 on Sunday, November 10, 2024 for the first time in its history. It was boosted by the prospect of regulatory relaxation favorable to digital currencies which could be put in place with the return of Donald Trump to the White House.

The first digital currency by capitalization exceeded this threshold around 1 p.m. to reach a high of $80,116, before falling slightly. It reached the $75,000 mark on Thursday, surpassing its record from last March. Bitcoin is quoted continuously, including on Sundays.

Donald Trump, champion of cryptocurrencies

Since the results of the American presidential election, its price has soared in unison with the dollar. Donald Trump in fact committed during his electoral campaign to making the United States “the world capital of bitcoin and cryptocurrencies”.

By posing as the champion of cryptocurrencies, the ex-businessman took the opposite view of the Biden government, considered to be in favor of strict regulation of a controversial sector, which largely escapes the control of institutions.

There will be significant investments and the United States will have a strategic reserve of bitcoins.

Almost $100,000?

According to him, “countries skeptical of cryptocurrencies, such as the United Kingdom where bitcoin-backed ETFs are still banned, will think again.”

Same tone for Stéphane Ifrah, analyst at Coinhouse, for whom the American election will help give new impetus to bitcoin. Until then, he emphasized to AFP, “bitcoin was in a phase of congestion. He had accumulated upside potential which was released by the American vote.”

What’s next? Other records, says Stéphane Ifrah, for whom the rise in prices will be confirmed in the coming days or even weeks. “The next level for me is $100,000,” he says.

Other cryptocurrencies affected

This trend is not just about bitcoins. Memecoins, for example, highly volatile parodic digital currencies, are also experiencing a boost, like dogecoin promoted by billionaire Elon Musk, a fervent supporter of Donald Trump.

“The chances of bitcoin and cryptocurrencies becoming a much larger asset class have increased significantly,” assures Charles Morris.

With AFP

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