Bitcoin hit a historic high of over $90,000 on Wednesday, spurred by president-elect Donald Trump’s support for reducing regulatory barriers in the cryptocurrency sector. 

This latest rally saw Bitcoin peak at $91,000 before settling at $90,670, marking a milestone for the world’s largest cryptocurrency.

Since Trump’s election win last week, Bitcoin has surged dramatically, repeatedly breaking its previous record highs. During his campaign, Trump pledged to transform the United States into a global hub for cryptocurrency, promising deregulation that would benefit digital assets.

Trump’s History with Cryptocurrency
Trump’s previous presidential term was marked by tax cuts and policies that injected liquidity into the markets, indirectly fostering cryptocurrency investment. In September, Trump revealed plans to launch his own digital currency platform, World Liberty Financial, along with his sons and other entrepreneurs. However, the platform’s initial token sales struggled earlier this month, with limited uptake from buyers.

Trump also made headlines in the lead-up to the election when he reportedly became the first former president to complete a purchase using Bitcoin. The symbolic transaction, where Trump paid for burgers at a New York City restaurant, was hailed as a "historic transaction" by the establishment.

Cryptocurrency’s Tumultuous Path
Cryptocurrencies have seen explosive growth and dramatic setbacks since their inception, with their volatile nature and regulatory uncertainties drawing both high returns and cautionary tales. 

Industry challenges were underscored by the 2022 collapse of FTX, one of the largest crypto exchanges, which shook investor confidence. Despite these setbacks, Bitcoin’s value continues to rise, fueled by market dynamics and influential endorsements like Trump’s.

With Trump set to take office, the promise of reduced cryptocurrency regulation and growing institutional interest may signal further milestones for Bitcoin and other digital assets. However, the volatility of the crypto market remains, leaving investors to weigh the potential gains against the risks.