Bitcoin surged to a new record high on Sunday, as traders speculated that Donald Trump's return to the White House would benefit the cryptocurrency. The digital currency surpassed $80,000 for the first time in history just after 12:00 p.m. (1200 GMT).

Bitcoin's value continues to climb following Donald Trump’s victory in the US presidential election, with the cryptocurrency seeing a nearly 9% increase on Wednesday alone.

Bitcoin topped $75,000 on Wednesday, exceeding its previous all-time high of $73,797.98 set in March.

Trump vows US will become 'global crypto capital' if re-elected

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Throughout his campaign, Trump promised to position the US as the "world capital of bitcoin and cryptocurrencies." In July, he highlighted cryptocurrency as pivotal to his vision of the country in the future during Saturday's Bitcoin Conference in Nashville.

The former president promised to ensure the government never sells its Bitcoin assets and establish a "strategic reserve" under his administration, predicting the digital currency could exceed gold's $16 trillion market capitalization. 

“For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin… This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world, and we’ll get it done,” Trump said.

It is worth noting that Trump's campaign accepted donations in cryptocurrency.

This stood in stark contrast to his beliefs back in 2019, when he wrote on social media that Bitcoin's value is "based on thin air," and warned in 2021 that Crypto is a "disaster waiting to happen."

The United States currently holds approximately 212,000 Bitcoins, estimated to have a worth of around $15 billion, Forbes has lately reported, citing official data.