Bitcoin eyes $80,000 milestone after Donald Trump’s election win

Bitcoin investors are celebrating as Donald Trump nears victory in the US presidential election. This election result has pushed Bitcoin's value to a high of $75,060. Trump made Bitcoin a central point during his campaign.

He said he would make America the "crypto capital of the world." Bitcoin has now hit a new record above $75,000. It crossed a valuation of nearly $1.5 trillion. On Wednesday (Indian time), Bitcoin was hovering around $73,000 per coin.

According to Nigel Green, CEO of deVere Group, "We have been saying for many months that Trump's stance on cryptocurrency, coupled with the uncertainty surrounding the election, will push Bitcoin to new heights. This is about fundamental changes happening in the digital financial system. Trump's open support for cryptocurrency has fueled this rise."

"Because many investors expect a Trump victory to create a favorable path for Bitcoin's continued growth," Green said.

According to trade analysts, economists say that Bitcoin could rise to $80,000 in the future due to a combination of higher demand, market sentiment, and policy expectations under the Trump administration.

Meanwhile, other cryptocurrency tokens also saw progress with the total crypto market cap reaching $2.5 trillion, a 9 per cent increase in a single day.