Bitcoin Hits Record High of $81,000 After Trump Victory Raises Hopes of Crypto Boom

Bitcoin rose to a record high of more than $81,000 on Monday after the victory of Donald Trump in the US elections raised expectations that cryptocurrencies will boom in a favourable regulatory environment.

Bitcoin hit a record high of over $81,000 on Monday, as Donald Trump's victory in the US elections fuelled expectations that cryptocurrencies will thrive in a favourable regulatory landscape, a Reuters report said.

The world's biggest and most well-known cryptocurrency has now more than doubled to $81,572 from the year's low of $38,505, having earlier touched a record peak of $81,899.

It wasn't just Bitcoin that surged. Ether rose over $3,200 for the first time in over three months, and Dogecoin - which began as a satirical critique of the 2013 crypto frenzy - hit a three-year high, the report said.

This comes as Trump touted digital assets like cryptocurrency during his campaign, promising to make the United States the “crypto capital of the planet,” and to create a national bitcoin stockpile, the report noted.

Moreover, the world's richest man Elon Musk, who is also a key Trump supporter, is a major proponent of cryptocurrencies, the report said, adding that the industry spent over $119 million backing pro-crypto congressional candidates.

In Ohio, Senate Banking Committee Chair Sherrod Brown - who is one of the industry's biggest antagonists - was voted out, while both Democratic and Republican pro-crypto candidates won in Michigan, West Virginia, Indiana, Alabama and North Carolina.

Trump had also launched a new crypto venture called World Liberty Financial in September, although details about the business are limited.

His son Eric Trump, who is the executive vice president of his private conglomerate, is also set to be a keynote speaker at a bitcoin conference in Abu Dhabi next month, the report said.