Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency’s price rise by more than 50% since Donald Trump’s victory in the 5 November election.
The world’s largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.
The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.
“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum,” Peter McGuire from trading platform XM.com told the BBC.
“Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year”.
The price of Bitcoin has risen more than 50% since Donald Trump won the election on November 5th, and it has now achieved a new record high.
After briefly surpassing $106,000 (£83,890), the largest cryptocurrency in the world dropped back to about $105,000 during Monday’s Asian trading.
Compared to the Biden White House, the incoming Trump administration is perceived as being much more receptive to cryptocurrency.
Like the nation’s strategic oil reserve, the US president-elect reaffirmed on Thursday that he is thinking of establishing a national stockpile of the digital currency.
Peter McGuire of trading platform XM . com told the BBC, “The FOMO – or fear of missing out – rally is gathering momentum, and the Bitcoin rally since the election has been parabolic.”.
“A lot of investors think $120,000 can be reached by the end of the year, and by the middle of 2025, there’s talk of more than $150,000.”.
Trump appointed Silicon Valley entrepreneur David Sacks as his tsar for cryptocurrency and artificial intelligence (AI) earlier this month.
Elon Musk, a Trump adviser and largest donor, is good friends with Mr. Sacks, a former PayPal executive.
Trump also declared that he would appoint Paul Atkins, a pro-crypto lawyer from Washington, to lead the Securities and Exchange Commission (SEC), the agency that oversees Wall Street.
Gary Gensler, the current head of the SEC, announced last month that he would step down on January 20, the day of Trump’s inauguration.
“I express my gratitude to President Biden for giving me this amazing duty. Using social media platform X, Mr. Gensler posted, “The SEC has fulfilled our mission and enforced the law without fear or favor.”.
After the SEC chairman filed lawsuits against cryptocurrency companies, Trump had previously announced plans to fire Mr. Gensler on “day one” of his new administration, which caused controversy in some quarters.
