Bitcoin crosses a record $81,000 after Donald Trump win boosts cryptocurrency prices

It was not just Bitcoin that rose. Ether rose over $3,200 for the first time in over three months, and Dogecoin went up to a three-year high

Bitcoin rose to a record high of more than $81,000 on Monday after the victory of Donald Trump in the US elections raised expectations that cryptocurrencies will boom in a favourable regulatory environment, according to a Reuters report.

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024(Alexander Nemenov/AFP)

What is now, the world's biggest and most-known cryptocurrency, has more than doubled to $81,572 from the year's low of $38,505, also having touched a record high of $81,899 earlier.

It was not just Bitcoin that rose. Ether rose over $3,200 for the first time in over three months, and Dogecoin which began as a satirical critique of the 2013 crypto frenzy, went to a three-year high, according to the report.

This is because Trump embraced digital assets like cryptocurrency during his campaign, and promised to make the United States the “crypto capital of the planet,” as well as to accumulate a national bitcoin stockpile, the report read.

On top of this, the world's richest man Elon Musk, who is also one of Trump's major supporters, is also a big proponent of cryptocurrencies, according to the report, which added that the industry as a whole, spent more than $119 million backing pro-crypto congressional candidates.

In Ohio, Senate Banking Committee Chair Sherrod Brown who is one of the industry's biggest foes, got ousted, with both Democratic and Republican pro-crypto candidates winning in Michigan, West Virginia, Indiana, Alabama and North Carolina.

Trump had also unveiled a new crypto business called World Liberty Financial in September, though details are scarce regarding this.

His son Eric Trump who is executive vice president of his private conglomerate is also a keynote speaker at a bitcoin conference in Abu Dhabi next month, the report read.