Bitcoin hit a new record high above $80,000 on Sunday.
The crypto industry believes that Trump's victory is a good sign for bitcoin and other digital currencies.
Although Trump was once a bitcoin skeptic, he has fully embraced the cryptocurrency in recent months. CNN, the Telegraph reports.
One big reason he's changed his mind about crypto: He now has a financial stake in it.
This is because in September, Trump and his children started a new crypto business called World Liberty Financial.
"It's very young and very growing," Trump said of the cryptocurrency industry on Sept. 16 while unveiling World Liberty Financial.
It is understood that other cryptocurrencies, including dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - are also making gains.
Separately, in the run-up to the election, Trump said he would create a strategic bitcoin reserve and appoint financial regulators friendly to the digital asset — fueling expectations that he would deregulate the crypto industry.
Trump has even said that one of his first actions as president would be to fire the current chairman of the Securities and Exchange Commission (SEC), Gary Gensler.
The Republican's broader agenda, which includes cutting taxes and reducing regulations on businesses, has also spurred a surge in other investments since he won the election.
With Republicans in control of the executive branch and potentially both legislative branches of government, they will be able to advance his ideas through each chamber and send those bills for him to sign. /Telegraph/
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