How Trump’s Support Pushed Bitcoin to $90,000 for the First Time

Bitcoin has just hit a historic milestone, soaring above $90,000 for the first time in its history. The world’s largest cryptocurrency reached an all-time high of over $91,000 before settling at $90,670 on Wednesday. 

So, what’s behind this massive surge? Much of it can be attributed to President-elect Donald Trump’s recent pledge to loosen regulations surrounding digital currencies, a move that has excited both investors and crypto enthusiasts.

Bitcoin’s record-breaking rise follows a significant increase in value after Trump’s victory in the U.S. presidential election last week. The cryptocurrency has been on a tear, setting new highs almost every day. 

This surge can partly be explained by Trump’s remarks during his campaign, where he made it clear he wanted to make the United States the “bitcoin and cryptocurrency capital of the world.”

In addition to his commitment to more relaxed regulations, Trump’s first term was marked by corporate tax cuts that helped push more liquidity into the market. This extra cash flow encouraged greater investments into assets like cryptocurrency, fueling the upward trend we’re seeing today.

Trump’s influence in the crypto world doesn’t stop at regulation. In September, he revealed plans to launch a digital currency platform called World Liberty Financial, alongside his sons and other entrepreneurs. 

While the platform’s launch this month wasn’t as successful as hoped, only a small fraction of its tokens found buyers—the fact that Trump is actively involved in the digital currency space adds to the excitement surrounding Bitcoin.

Cryptocurrencies have always been known for their extreme volatility, but they’ve also grabbed attention because of their potential to reshape global finance. Bitcoin, in particular, has been at the center of attention, drawing both admiration and skepticism. The collapse of major platforms like FTX has made headlines, showing the risks of the industry. 

However, Trump’s support and vision for cryptocurrency have helped boost investor confidence, pushing Bitcoin to levels many thought were impossible just a few years ago.

In the run-up to the election, Trump made headlines for reportedly becoming the first former president to use Bitcoin in a purchase. He bought burgers at a New York City restaurant, marking what was described as a “historic transaction.” 

While the transaction was a small gesture, it was a powerful signal that even traditional figures are beginning to embrace the future of money.