By Deborah Nnamdi
Bitcoin hit $80,000 for the first time at the weekend, following Donald Trump’s thumping victory in the US election.
The cryptocurrency rose by 4.5 per cent on the day to reach its highest-ever price, the equivalent of £61,943.49.
President-elect Trump has insisted he will make the US ‘the crypto capital of the planet’.
There has been a huge Bitcoin rally since the Republican’s victory last week. It hit $75,000 on election night, with recent gains driven by his wins in swing states Nevada and Arizona.
Geoff Kendrick, global head of digital assets research at Standard Chartered, predicts Bitcoin will continue to soar – with a $100,000 valuation ‘easily achievable’ by the end of the year.
Russ Mould, investment director at AJ Bell, said Bitcoin was ‘always going to soar’ if Trump won the election.
‘Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,’ he added.
