Bitcoin has soared to a new all-time high, briefly surpassing $106,000 (ÂŁ83,890) during Asian trading on Monday. The milestone comes as optimism surrounding US President-elect Donald Trump’s crypto-friendly policies continues to fuel investor confidence.
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The world’s largest cryptocurrency has climbed more than 50% since Trump’s victory in the US presidential election on 5 November. While prices dipped slightly to around $105,000 after hitting the peak, market momentum remains strong.
Pro-Crypto Policies Fuel Rally
Trump’s incoming administration is widely perceived as supportive of digital currencies, marking a significant shift from the Biden White House. Last week, the president-elect hinted at plans to create a national Bitcoin reserve, similar to the US Strategic Petroleum Reserve, which stores oil for emergencies.
“The Bitcoin rally since the election has been parabolic, and the FOMO – fear of missing out – is gathering momentum,” Peter McGuire from trading platform XM.com told a prominent news source. “Many investors believe $120,000 is achievable by the end of the year, with some speculating prices could exceed $150,000 by mid-2025.”
Trump Administration’s Crypto Team Takes Shape
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his new cryptocurrency and artificial intelligence (AI) policy chief. A former PayPal executive, Sacks is a close associate of Elon Musk, the influential Tesla CEO and Trump adviser.
Additionally, Trump announced plans to nominate pro-cryptocurrency lawyer Paul Atkins to head the Securities and Exchange Commission (SEC). Atkins’ appointment would replace current SEC Chair Gary Gensler, who has faced criticism for his aggressive enforcement actions against cryptocurrency firms.
Gensler recently confirmed he would step down on 20 January, the day of Trump’s inauguration. “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour,” Gensler wrote on social media platform X.
Trump had previously stated his intention to dismiss Gensler on “day one” of his administration, citing disagreements over the SEC’s approach to regulating digital assets.
Looking Ahead
The renewed optimism around cryptocurrency regulation and Trump’s policy signals have injected fresh energy into the Bitcoin market. As traders and investors eye further gains, the historic $120,000 mark could soon be within reach.
For now, the Bitcoin surge underscores growing enthusiasm for a regulatory environment seen as more favorable to digital assets under Trump’s leadership.
