Bitcoin price surges after Trump election win [Video]

 Bitcoin on Sunday hit a new record above US$80,000. The world’s largest cryptocurrency surged in the run-up to Tuesday’s US presidential election, rose sharply immediately on election night after it became clear Donald Trump would win and has continued rising in the days since his victory.

Bitcoin is up 80 per cent this year, dwarfing the S&P 500’s still-electric 25.7 per centgain this year. After briefly touching the $80,000 milestone, bitcoin was trading just below it Sunday mid-morning.

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The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto.

A big reason Trump has changed …