In the wake of Trump’s victory, Bitcoin has reached close to $90,000

Benefiting from a wave of optimism since the election of Donald Trump as US president, bitcoin rose to around $90,000 on Tuesday amid expectations that the Republican presidential administration will support the cryptocurrency.

The world’s largest cryptocurrency has become one of the most moving coins in the week since the election, hitting $89,982, a nearly 30% increase since November 5. In last trading, it was down 1.4% at $86,730.

Shares in Elon Musk’s Tesla company, up nearly 40% since the poll results came in, also rose, as investors expect Trump’s cronies to benefit while in office.

During his campaign, Trump announced his recognition of digital assets, vowed to make the United States the “cryptocurrency capital of the planet” and created a national reserve of bitcoin.

It’s not yet clear how or when this might happen, but the prospect has prompted a surge in speculation in cryptocurrency mining and trading stocks.

Stocks of mining companies rose

Yesterday, Monday, cryptocurrency mining company Riot Platform jumped 17% on Wall Street. Shares of Mara Hollings and Clean Spark jumped 30%.

Software company MicroStrategy, which invests in Bitcoin, has announced it will spend $2 billion to buy Bitcoin between October 31 and November 10. The company’s shares rose 26% yesterday on Monday.

Gains extended to lower cryptocurrencies such as Ethereum and Dogecoin despite their declines on Tuesday in Europe.

Cryptocurrency investors are hoping for an end to increased scrutiny overseen by US Securities and Exchange Commission chief Gary Gensler, whom Trump said he would replace.

Trump also unveiled a new cryptocurrency company called World Liberty Financial in September.