Bitcoin Hits a New Record; Experts Predict Rise to $100,000

Bitcoin hit a new record, rising above $80,000 as more traders became excited. This increase happened soon after noon, as people in the digital currency

Bitcoin hit a new record on Wednesday, rising above $80,000 for the first time ever as traders reacted to Donald Trump’s recent victory in the presidential election.

The price of Bitcoin hit a new high of $80,10.75 on Wednesday afternoon, continuing a rally that began after Trump won the election on Tuesday. The increase comes after Bitcoin hit a record high of $75,000 on Wednesday, up from its previous peak of $73,797.98 in March.

Analysts say the rising trend could push Bitcoin even higher, with some predicting it could reach $100,000 soon.

“We could see Bitcoin hit $100,000 in the next six months to a year,” Stephane Ifrah of Coinhouse, a French crypto management firm, told Insider on Wednesday, regarding the next major round figure on traders' minds.

Ifrah added that he expects the upward trend to continue for about a year and that the next big goal is $100,000.

During his campaign, Trump showed strong support for cryptocurrency as part of his economic plans. He said he wants to make the U.S. the "bitcoin and cryptocurrency capital of the world." He also suggested that Elon Musk should lead a big review of government spending to cut waste.

This is a big change from Trump’s earlier view, when he called cryptocurrencies a “scam.” Now, he has even started his own digital currency platform, called World Liberty Financial, although its first sales didn’t go very well earlier this month.

Trump’s support for cryptocurrency has gained the attention of investors, especially since he has a history of business-friendly actions. In his previous term, his tax policies helped increase the amount of money in the economy, which encouraged investments in fast-growing assets like Bitcoin.

Earlier this year, Trump reportedly became the first former president to use Bitcoin in a real purchase. He bought burgers in New York City, and people called it a “historic transaction.”

Bitcoin is traded non-stop, even on weekends, so its price can change instantly based on what’s happening in the market.