Bitcoin has hit a record high, continuing its upward trend with a 50% price surge since Donald Trump’s U.S. presidential election victory on November 5. The cryptocurrency briefly exceeded $106,000 on Monday before stabilizing near $105,000.
The rally is driven by expectations of a more crypto-friendly stance under Trump’s administration compared to Biden’s. Trump recently proposed creating a national Bitcoin reserve, akin to the U.S. Strategic Petroleum Reserve, sparking excitement about potential institutional support for digital assets.
Read more: Bitcoin Nears $100,000 After Breaking Major Milestone
Trump’s appointments further highlight his pro-crypto agenda. He named David Sacks, a Silicon Valley entrepreneur and former PayPal executive, as his “AI and cryptocurrency czar.” Sacks, closely tied to Trump adviser Elon Musk, will lead digital asset policy development.
Additionally, Trump plans to nominate Paul Atkins, a cryptocurrency advocate, as SEC chairman. Atkins would replace Gary Gensler, criticized for strict crypto regulations, who steps down on January 20, Trump’s inauguration day.
