By Phenyo Selinda
Bitcoin has surged to unprecedented levels, surpassing $80,000 for the first time, as investors anticipate favourable cryptocurrency policies under President-elect Donald Trump’s forthcoming administration. The digital currency’s ascent began following Trump’s victory in the recent U.S. presidential election, reflecting market optimism about potential regulatory easing in the crypto sector.
On Sunday, Bitcoin’s value reached $81,358, marking a significant milestone in its history. This surge is attributed to expectations that the incoming administration will implement crypto-friendly policies, potentially positioning the United States as a leader in the digital currency arena.
During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower.” He outlined plans to create a strategic national Bitcoin reserve and establish a Bitcoin and crypto presidential advisory council. Additionally, Trump expressed intentions to dismiss Securities and Exchange Commission Chairman Gary Gensler, known for his stringent regulation of the crypto sector. 
This represents a notable shift from Trump’s previous scepticism towards digital assets. In 2019, he referred to cryptocurrencies as a “scam” that weakens the dollar. However, his recent embrace of digital currencies, including accepting crypto donations for his campaign, indicates a significant change in stance. 
The cryptocurrency market has responded positively to these developments. Bitcoin’s price has increased by 0.25% in the last day, reaching $76,650.46. The global crypto market cap stands at $2.63 trillion, reflecting a 1.99% increase over the last day. 
Analysts suggest that the anticipation of a more accommodating regulatory environment under Trump’s leadership is fuelling this bullish trend. The potential for reduced regulatory hurdles and increased institutional adoption could further bolster Bitcoin’s position in the financial markets.
However, some experts caution that while the current momentum is strong, the cryptocurrency market remains highly volatile. They advise investors to stay informed about policy developments and market dynamics to navigate potential risks effectively.
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