Bitcoin sets new record, surpassing $80,000

Bitcoin hit a new record on Sunday, breaking past $80,000. The world's largest cryptocurrency saw a significant rise ahead of the U.S. presidential election and surged further on election night as Donald Trump's victory became evident, Kazinform News Agency correspondent reports, citing CNN.

Since the beginning of the year, the cryptocurrency has risen in price by 80%, significantly outpacing the 25.7% growth of the S&P 500. Experts believe that the victory of Trump, who has changed his attitude towards cryptocurrencies, will be a positive factor for Bitcoin.

The president-elect has proposed creating a Bitcoin strategic reserve, similar to the oil reserve, for national security purposes. In September, Trump and his children founded a new cryptocurrency company called “World Liberty Financial”.

Unlike Trump, the Biden administration has been much more skeptical of cryptocurrencies. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in June 2021 that the crypto market was “ripe with fraud, scams and abuses.”

Other crypto tokens and stocks have also risen sharply: cryptocurrencies Ethereum and Dogecoin have surged since the election, as have shares of Coinbase, Robinhood Markets and Microstrategy.