Bitcoin peaks at R1.6m

Investors bet currency will pass 100 000 as soon as the end of the year.

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Bitcoin's record-breaking rally took the digital asset past $89,000 (about R1.6 million) and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump.

The largest token has jumped about 32% since the US election on 5 November, hitting an all-time high of $89,599 yesterday. The original cryptocurrency changed hands at $88,450 as of 5:45 am in London.

Trump has vowed friendlier crypto rules and his Republican Party is tightening its grip on Congress, boosting his odds of pushing through his agenda. Trump's other pledges include setting up a strategic Bitcoin stockpile and fostering domestic mining of the token to make the US the crypto capital of the planet.