Bitcoin tops record $80,000 as Trump nears sweep of US Congress

Bitcoin, a popular form of digital currency, has recently achieved a remarkable milestone by surpassing the $80,000 mark for the first time in history. This significant increase in value comes on the heels of Donald Trump's decisive victory in the recent US elections. As the Republican Party moves closer to gaining full control of Congress, having already secured the presidency and a majority in the Senate, the excitement surrounding Bitcoin and other cryptocurrencies is palpable. During his campaign, Trump made a bold promise to transform the United States into the 'crypto capital of the planet,' indicating his intention to foster a more favorable environment for digital currencies. This year alone, Bitcoin's value has skyrocketed by over 80%, and other cryptocurrencies, such as dogecoin, which has gained popularity thanks to endorsements from high-profile supporters like Elon Musk, are also experiencing significant gains. In the lead-up to the election, Trump expressed his plans to establish a strategic stockpile of Bitcoin and appoint financial regulators who are supportive of digital assets. This has led to heightened expectations that he would roll back regulations that currently govern the crypto industry. Furthermore, Trump has indicated that one of his first actions as president will be to dismiss the current chair of the Securities and Exchange Commission (SEC), Gary Gensler. Gensler, who was appointed by Joe Biden in 2021, has been known for his strict approach towards regulating the crypto market. Market analyst Matt Simpson from StoneX Financial shared his insights with the BBC, stating that if the Trump administration does indeed deregulate the crypto sector, it would likely have a positive impact on the market. He suggested that Bitcoin prices could potentially soar to $100,000, although he cautioned that the market remains susceptible to sharp sell-offs, which could adversely affect smaller investors. Trump's broader agenda, which includes tax cuts and reducing regulations on businesses, has also contributed to a surge in other investments since his election victory. With the Republicans now in control of both the executive branch and potentially both chambers of Congress, they are well-positioned to advance Trump's policy initiatives and send legislation to his desk for approval.