Bitcoin hit a new record, rising above $80,000 as more traders became excited. This increase happened soon after noon, as people in the digital currency market reacted to Donald Trump’s recent win in the presidential election. Many investors think that Trump’s return to the White House could be good for digital currencies because he may reduce rules and restrictions in the industry.

Since Trump won the election last Tuesday, Bitcoin has been steadily rising. This growth is mostly because people believe his government will likely help make cryptocurrency a more important type of investment. Charles Morris, an analyst at ByteTree investment company, said that the chances of Bitcoin and other cryptocurrencies becoming a much bigger type of investment have increased a lot.

Bitcoin hits a new record; experts predict rise to $100,000

Last Wednesday, Bitcoin set a new record by reaching $75,000, going above its earlier high of $73,797.98 from March. Analysts and experts believe this rising trend could push Bitcoin even higher, possibly up to $100,000 soon. Stephane Ifrah from Coinhouse, a French crypto management company, said he thinks this upward trend will continue for about a year and that the next big goal is $100,000.

During his campaign, Trump showed strong support for cryptocurrency as part of his economic plans. He said he wants to make the U.S. the "bitcoin and cryptocurrency capital of the world." He also suggested that Elon Musk should lead a big review of government spending to cut waste. This is a big change from Trump’s earlier view, when he called cryptocurrencies a “scam.” Now, he has even started his own digital currency platform, called World Liberty Financial, although its first sales didn’t go very well earlier this month.

Trump’s support for cryptocurrency has gained the attention of investors, especially since he has a history of business-friendly actions. In his previous term, his tax policies helped increase the amount of money in the economy, which encouraged investments in fast-growing assets like Bitcoin.

Earlier this year, Trump reportedly became the first former president to use Bitcoin in a real purchase. He bought burgers in New York City, and people called it a “historic transaction.” Bitcoin is traded non-stop, even on weekends, so its price can change instantly based on what’s happening in the market.