DUBAI: Bitcoin charged past the $90,000 level on Wednesday, as its relentless rally showed no signs of easing on expectations that Donald Trump as US president and his administration will be a boon for cryptocurrencies.
The world’s biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $91,110 - a record high. It was last up 3% at $91,016, marking a 32% rise since the Nov. 5 election.
Smaller peer ether has similarly soared 37% since election day, while Dogecoin, an alternative token, promoted by billionaire Trump-ally Elon Musk was up more than 150% as the bitcoin frenzy extended across the crypto landscape.
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
It is not clear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks.
Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares scaled a record high on Tuesday.
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