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The value of bitcoin, the world’s most popular cryptocurrency, has been rising rapidly following the recent election of Donald Trump as US president, The Guardian reports.
Today, 11 November, the price of bitcoin hit a record high of USD 81,899, up 2.7% from the previous day. Over the past year, the value of bitcoin has more than doubled, rising from around US$37,000 to new heights.
Not only bitcoin, but other cryptocurrencies are showing similar growth. The price of ethereum, the second most popular cryptocurrency, as well as dogecoin, known as the “meme coin” that is backed by billionaire Elon Musk, also continues to rise.
Trump had previously criticised bitcoin on several occasions, calling it a “scam against the dollar”. However, during the election campaign, he revised his position, which has caused optimism among investors. Analysts hope that the new US administration will ease the rules on investing in cryptocurrencies, which will create favourable conditions for private investors interested in bitcoin and other digital assets.
