Bitcoin Hits Record $80,000 as Trump Nears US Congress Sweep

Bitcoin has surged above $80,000 (￡62,000) for the first time, following Donald Trump’s decisive victory in last week’s US election.

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This surge comes as Republicans move closer to securing full control of Congress, having already clinched the presidency and a majority in the Senate.

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During his campaign, Trump promised to make the US "the crypto capital of the planet," which has fuelled optimism around the cryptocurrency market.

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Bitcoin, the world’s largest cryptocurrency, has now gained over 80% this year alone.

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Other cryptocurrencies, including doge coin—promoted by prominent Trump supporter Elon Musk—are also seeing gains.

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Ahead of the election, Trump outlined plans to create a strategic bitcoin stockpile and appoint financial regulators friendly to digital assets, raising expectations that he would ease regulations on the crypto industry.

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Trump has also indicated that one of his first actions as president would be to remove the current chair of the Securities and Exchange Commission (SEC), Gary Gensler. Gensler, appointed by Joe Biden in 2021, has led the SEC’s crackdown on the crypto sector.

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“If the Trump administration does deregulate crypto, it’s hard to see how it is not bullish for the sector,” Matt Simpson, market analyst at StoneX Financial told the BBC, adding that such a move could lead bitcoin prices to jump to as high as $100,000. But “it is still vulnerable to nasty selloffs along the way – which can be less kind to smaller pockets,” he added.

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Trump’s broader economic agenda, which includes tax cuts and deregulation of businesses, has already sparked a surge in various investments following his election win.

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With Republicans potentially controlling both the executive and legislative branches, they will be in a strong position to push through Trump’s proposals and send them to his desk for approval.