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The price of bitcoin has risen above $80,000 (\u00a362,000) for the first time ever, after Donald Trump’s decisive victory in the US election last week.<\/p>\n
It comes as the Republicans are edging closer to overall control of Congress after having already secured the presidency and a majority in the Senate.<\/p>\n
On the campaign trail the president-elect pledged to make the US “the crypto capital of the planet”.<\/p>\n
The value of world’s biggest cryptocurrency has now risen by more than 80% this year.<\/p>\n<\/div>\n
Other cryptocurrencies, including dogecoin – which has been promoted by high-profile Trump supporter Elon Musk – are also making gains.<\/p>\n
In the run-up to the election Trump said he would create a strategic Bitcoin stockpile and appoint digital asset-friendly financial regulators.<\/p>\n
Trump has said one of his first actions as president would be to sack the current chair of the Securities and Exchange Commission (SEC), Gary Gensler.<\/p>\n
Mr Gensler, who was appointed Joe Biden in 2021, has led the SEC’s crackdown on the crypto industry.<\/p>\n
Trump’s broader agenda, which includes cutting taxes and reducing regulations on businesses, has also driven a surge in other investments since he won the election.<\/p>\n
Major stock indexes, the dollar and US bonds have all made gains in recent days.<\/p>\n<\/div>\n