Bitcoin has soared to a new record high, continuing its rally with the cryptocurrency’s price climbing over 50% since Donald Trump’s victory in the November 5 election.
The world’s largest cryptocurrency briefly surpassed $106,000 (£83,890), before settling back around $105,000 during Monday’s Asia trading session.
The incoming Trump administration is viewed as more supportive of cryptocurrencies compared to the Biden White House.
On Thursday, the US president-elect reiterated that he is considering the creation of a national digital currency reserve, similar to the country’s strategic oil reserve.
“The Bitcoin rally since the election has been explosive, and the fear of missing out (FOMO) is driving the momentum,” Peter McGuire from trading platform XM.com told the BBC.
“Many investors believe that $120,000 is within reach by the end of the year, with some even speculating that it could exceed $150,000 by mid-2025.”
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Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his AI and cryptocurrency advisor.
Sacks, a former PayPal executive and close associate of Trump adviser and major donor Elon Musk, was named to the role.
Trump has also announced plans to nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Securities and Exchange Commission (SEC), the key Wall Street regulator.
Last month, current SEC chairman Gary Gensler stated that he would resign from his position on the day of Trump’s inauguration, set for January 20th next year.
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled its mission and enforced the law without fear or favor,” Gensler wrote on the social media platform X.
Trump had previously stated his intention to remove Gensler on “day one” of his new administration, following the SEC chairman’s legal actions against cryptocurrency firms, which sparked controversy in some circles.
