Bitcoin soared past the $81,000 milestone for the first time as Tesla billionaire Elon Musk urged U.S. president-elect Donald Trump to leverage cryptocurrency to manage the nation’s escalating

debt crisis.

Musk, who publicly supported Trump during his campaign, has been vocal about the risks of unchecked government spending, describing it as a pathway to economic instability. “Excess government spending is driving America into bankruptcy…This debt growth is unsustainable,” Musk posted on X (formerly Twitter).

Earlier this year, Trump floated the idea of using Bitcoin to address the nation’s $35 trillion debt. “Hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion,” he remarked in August.

Following Trump’s election win and his advancing influence in Congress, Bitcoin surged past $81,000 on Sunday, with other major cryptocurrencies also experiencing notable gains.

Trump has pledged to implement crypto-friendly policies and establish a U.S. bitcoin reserve, aiming to position the United States as “the crypto capital of the planet.” One of his stated priorities is to replace current SEC Chair Gary Gensler, known for his stringent regulatory approach to the crypto sector, with a more industry-sympathetic figure.

According to JPMorgan, Bitcoin and gold could see robust performance under a Trump administration, suggesting a promising environment for crypto investments. Currently, Bitcoin is valued at over $81,200, marking an increase of nearly 5% in the last 24 hours and over 65% from its January low of $38,505.

The world’s largest cryptocurrency has surged by more than 80% this year alone, buoyed by increasing investor confidence. Other digital currencies, including dogecoin—often championed by Musk—are also on the rise.

“Many investors anticipate that a Trump presidency will open the door for mainstream adoption and favorable regulation necessary for Bitcoin’s continued growth,” said Nigel Green, CEO of financial advisory firm deVere Group. He noted that this pro-crypto sentiment could lead to greater regulatory clarity, encouraging institutional investments and propelling Bitcoin to new record levels.

As of November 11 at 3:43 am UST, top cryptocurrency prices show sustained momentum, hinting at further bullish trends ahead. Photo by Jorge Franganillo, Wikimedia commons.