LONDON: Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency. The digital currency passed $80,000 for the first time in its history shortly after 12 pm (1200 GMT).

It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies. Bitcoin reached $75,000 on Wednesday, topping its previous all-time peak of $73,797.98 achieved in March.

Trump was seen as the pro-crypto candidate in his battle with the Democratic Party’s candidate Kamala Harris. During his first presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.

He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world,” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste. The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial. But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform. In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a “historic transaction”. Bitcoin is listed continuously, including on Sundays. — AFP