Bitcoin has surged to a new all-time high, continuing a rally that has seen its price climb by more than 50% since Donald Trump’s victory in the U.S. presidential election on November 5.
The world’s largest cryptocurrency briefly surpassed $106,000 (£83,890) during Asian trading on Monday before settling around $105,000. Analysts attribute the surge to growing optimism that the incoming Trump administration will adopt a more favorable stance toward cryptocurrencies compared to the Biden White House.
On Thursday, President-elect Trump reiterated his consideration of creating a national Bitcoin reserve, akin to the U.S. Strategic Petroleum Reserve. The proposal has fueled speculation that the administration could integrate digital assets into national economic policy.
“The Bitcoin rally since the election has been parabolic, and the FOMO—fear of missing out—rally is gathering momentum,” said Peter McGuire of trading platform XM.com in an interview with the BBC. “Many investors believe $120,000 is achievable by the end of the year, with some predicting prices above $150,000 by mid-2025.”
Trump’s pro-crypto agenda has been underscored by key appointments to his administration. Earlier this month, he named Silicon Valley entrepreneur and former PayPal executive David Sacks as his “AI and cryptocurrency czar.” Sacks, a close ally of Trump adviser and billionaire donor Elon Musk, is expected to play a pivotal role in shaping the administration’s digital asset policies.
Additionally, Trump has announced plans to nominate Paul Atkins, a Washington attorney known for his pro-cryptocurrency stance, as the new head of the Securities and Exchange Commission (SEC). Atkins would replace current SEC Chairman Gary Gensler, who has faced criticism from the crypto industry for his regulatory crackdowns. Gensler announced last month that he would step down on January 20, 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 favor,” Gensler wrote on the social media platform X, following his resignation announcement.
Trump had previously vowed to remove Gensler on “day one” of his administration, citing the SEC’s legal actions against cryptocurrency firms as a source of controversy.
