Following Donald Trump’s decisive victory in last week’s US presidential election, the price of Bitcoin soared above $80,000 (£62,000) for the first time in history.
This comes as Republicans have already secured the presidency, a majority in the Senate, and are inching closer to overall control of Congress.
During his campaign, the president-elect vowed to make the United States the “crypto capital of the planet.”
The world’s largest cryptocurrency has increased in value by more than 80% this year.
Other cryptocurrencies are also rising, including Dogecoin, which is promoted by prominent Trump supporter Elon Musk.
In the run-up to the election, President Trump said he would create a strategic Bitcoin stockpile and appoint a digital asset-friendly financial regulator.
President Trump has said that one of his first acts as president will be to fire Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC).
Gensler, who was appointed by Joe Biden in 2021, has led the SEC’s crackdown on the cryptocurrency industry.
Trump’s broader policies, including tax cuts and loosening regulations for businesses, have also triggered a surge in other investments since his election victory.
Major stock indexes, the dollar and U.S. Treasuries have risen in recent days.
