United States: Bitcoin has soared to a new record high, reaching over $106,000, marking a significant milestone for the world’s largest cryptocurrency.
The surge extended a rally that saw Bitcoin’s value increase by more than 50 percent since Donald Trump’s victory in the election. Although the cryptocurrency briefly surpassed $106,000, it retreated to around $105,000 in early Monday trading in Asia.
The rally comes as market sentiment shifts towards expectations of a more crypto-friendly approach under the incoming Trump administration. Many investors view the Trump White House as more favourable to cryptocurrencies compared to the policies of President Joe Biden’s administration.
Trump has consistently voiced support for digital assets, and the president-elect reaffirmed his consideration of creating a national cryptocurrency stockpile, likened to the US strategic oil reserve. With Bitcoin’s current trajectory, some investors believe that the cryptocurrency could reach $120,000 by the end of 2024, with further projections suggesting that Bitcoin could surpass $150,000 by mid-2025.
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar. Sacks, a former PayPal executive and close ally of Trump adviser Elon Musk is expected to play a significant role in shaping the administration’s cryptocurrency policies.
Trump also intends to nominate Paul Atkins, a Washington attorney with strong pro-cryptocurrency views, to lead the Securities and Exchange Commission (SEC).
Trump’s administration is expected to take a more lenient approach to cryptocurrency regulation, which could further boost market confidence and foster innovation within the sector.
As Bitcoin continues its meteoric rise, the shift in US leadership and regulatory outlook seems poised to have a lasting impact on the cryptocurrency market in the years to come.
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