The world’s biggest cryptocurrency, Bitcoin, has surged to a record high of more than $106,000 amid US President-elect Donald Trump's plans for a Bitcoin strategic reserve.
According to Reuters, Bitcoin passed $106,000 (£83,890) and hit $106,533 on Monday, December 16, 2024, before falling back to around $104,500 in Asia trade.
The best-known cryptocurrency has risen by more than 50% since Trump's victory in the US presidential elections on November 5.
An analyst at IG, Tony Sycamore, said, “We're in blue sky territory here. The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
This came after the 78-year-old Republican president announced that he planned to build a crypto reserve like oil reserves.
He told CNBC late last week, “We're going to do something great with crypto because we don't want China or anybody else, not just China but others are embracing it, and we want to be the head.”
Furthermore, cryptocurrencies, particularly Bitcoin, have been in the spotlight since Trump won the election because investors believe that his administration will create rules that are more favourable to crypto.
Notably, the value of Bitcoin has increased by 192% this year.
