Bitcoin soars to hit RM350,000 for the first time as traders optimistic ...

President-elect Donald Trump previously spoke at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. — Reuters pic

Monday, 11 Nov 2024 9:48 AM MYT

LONDON, Nov 11 — Bitcoin soared to a new record high yesterday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency.

The digital currency passed US$80,000 (RM350,000) for the first time in its history shortly after 12:00 pm (1200 GMT).

It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies.

“The odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly,” Charles Morris, an analyst at investment company ByteTree told AFP.

Bitcoin reached US$75,000 on Wednesday, topping its previous all-time peak ofUS$73,797.98 achieved in March.

“We shouldn’t expect this bullish trend to be interrupted for a long time — about a year. The next level for me is US$100,000,” Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.

Trump was seen as the pro-crypto candidate in his battle with the Democratic Party’s candidate Kamala Harris.

During his first presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.

He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world,” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.

But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a “historic transaction”.

Bitcoin is listed continuously, including on Sundays. — AFP