Traders are ramping up bets on bitcoin amid growing expectations that Donald Trump will return to the White House next month with friendlier regulation for cryptocurrencies.

Bitcoin has surged over the past week to hit a high of $US69,474, taking its gain this year to more than 60 per cent and placing the largest cryptocurrency within striking distance of its March record of $US73,797.
While prices eased to $US67,314 on Wednesday, some are wagering that it could hit $US80,000 next month.