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Bitcoin nears ,000 as investors watch crypto-friendly Trump administration | Crypto
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Bitcoin nears $90,000 as investors watch crypto-friendly Trump administration | Crypto

The world’s most popular cryptocurrency has gained more than 30 percent since the US presidential election.

Bitcoin is approaching $90,000 as crypto enthusiasts bet that United States President-elect Donald Trump will approach digital currencies without intervention.

The world’s most popular cryptocurrency reached a record high of $89,637 on Tuesday, continuing its explosive rise since the US presidential election on November 5.

The commodity has gained more than 30 percent since election day as investors predicted Washington would shift toward more crypto-friendly policies under Trump.

During his first term as president, Trump called Bitcoin a “fraud” and complained that the currency was “competing with the dollar.”

But the Republican radically changed course during his re-election campaign to portray himself as a crypto champion.

Among other promises, Trump vowed to make the United States the “crypto capital of the planet” and replace Securities and Exchange Commission chairman Gary Gensler, who is leading efforts by President Joe Biden’s administration to increase oversight of the industry.

In September, Trump, along with his family members, announced the launch of his own crypto venture, World Liberty Financial.

“Obviously this is a clear trade-off because Trump has been so supportive of the sector, and that can only mean more demand for both crypto stocks and currencies,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.

“The fact that Bitcoin was trading near all-time highs when the election results were announced meant that the skies were clear.”

Despite their enthusiastic followers, Bitcoin and other cryptocurrencies are widely viewed as speculative assets and have been known to fluctuate wildly in value.

After climbing to a record high of $69,000 in late 2021, Bitcoin fell below $16,000 the following year.

The commodity is back to its previous peak in March after rising more than 300 percent since November 2022.