Bitcoin has hit a new record high, extending a rally that has seen the cryptocurrency rise more than 50 percent since Donald Trump’s victory in the Nov. 5 election.
The world’s biggest cryptocurrency briefly breached $106,000 (£83,890) and was trading above $105,000 in Asian trade on Monday morning.
The incoming Trump administration is considered much friendlier to cryptocurrencies than the Biden White House.
On Thursday, the US president-elect reiterated that he is considering creating a national digital currency reserve similar to the country’s strategic oil reserves.
Earlier this month, Trump named Silicon Valley entrepreneur David Sachs as his artificial intelligence (AI) and cryptocurrency czar.
Mr Sachs is a former PayPal executive and a close friend of Trump adviser and mega-donor Elon Musk.
Trump has also said he will nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of Wall Street regulator, the Securities and Exchange Commission (SEC).
last month, Gary Gensler, the current head of the SEC, said he would step down from the post. On Trump’s inauguration day, January 20 next year.
Mr. Gensler wrote on social media platform X, “I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled our mission and enforced the law without fear or favour. “
Trump had previously revealed his new administration’s plans to fire Mr Gensler “one day” after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.