SINGAPORE – Bitcoin rallied past US$80,000 (S$106,000) for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.
Trump vowed on the campaign trail to put the US at the center of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamored with digital assets.
“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros. The rise in the largest digital token, which scaled fresh records after the US vote, exceeds the returns from investments such as stocks and gold.
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