Bitcoin has suddenly surged higher, with the price coming within touching distance of $80,000 per bitcoin as expectations soar a U.S. president-elect could follow through with promises to create a “game-changing” bitcoin strategic reserve.

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The bitcoin price has added almost 20% since this time last week, with traders betting on a key milestone before the new year. Smaller cryptocurrencies—including ethereum, up 30%, dogecoin, up 50%, and…