Bitcoin Price Surpasses $106,000, Setting New Record

The value of Bitcoin has ascended to an unprecedented peak, extending a rally that has seen the digital currency’s price increase by over 50% since Donald Trump’s victory in the 5 November election. The world’s foremost cryptocurrency briefly exceeded $106,000 (£83,890), before retreating to approximately $105,000 during Monday’s trading in Asia. The forthcoming Trump administration is widely perceived as considerably more favorable towards cryptocurrencies than the Biden White House. On Thursday, the US president-elect reiterated his consideration of establishing a national reserve for the digital currency, similar to the country’s strategic oil reserve. Peter McGuire from the trading platform XM.com informed the BBC that “The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum.” He added, “Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year”. Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar. Mr. Sacks is a former PayPal executive and a close associate of Trump adviser and major donor Elon Musk. Trump has also stated his intention to nominate Paul Atkins, a Washington attorney known for his pro-cryptocurrency stance, as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC). Last month, the SEC’s current chairman, Gary Gensler, announced his plan to resign from the role on the day of Trump’s inauguration, scheduled for 20 January next year. On the social media platform X, Mr. Gensler wrote, “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour.” Trump had previously disclosed intentions to dismiss Mr. Gensler on “day one” of his new administration, following the SEC chairman’s initiation of legal proceedings against various cryptocurrency firms, a move that generated controversy in some circles.