Bitcoin has reached a new all-time high, continuing a rally that has seen its price climb over 50% since Donald Trump’s victory in the 5 November election.
The world’s leading cryptocurrency briefly surpassed $106,000 (£83,890) before settling around $104,500 during Monday morning trading in Asia. Analysts attribute the surge to optimism over the incoming Trump administration’s pro-cryptocurrency stance, marking a potential shift from the Biden administration’s more cautious approach.
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President-elect Trump recently hinted at creating a national digital currency stockpile, akin to the U.S. strategic oil reserve. This announcement has fuelled speculation about increased federal support for cryptocurrencies.
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his AI and cryptocurrency policy chief. Sacks, a former PayPal executive and close ally of Elon Musk, is expected to spearhead efforts to integrate blockchain technology into the administration’s economic agenda.
Additionally, Trump plans to nominate Paul Atkins, a pro-cryptocurrency attorney and former SEC commissioner, to lead the Securities and Exchange Commission (SEC). This nomination signals a sharp policy pivot, as the current SEC chair, Gary Gensler, announced he would step down on 20 January, coinciding with Trump’s inauguration.
Gensler has been a controversial figure in the cryptocurrency space, drawing criticism for his aggressive enforcement actions against digital asset firms. Trump had vowed to replace Gensler on his first day in office, citing the need for a more innovation-friendly regulatory framework.
With these developments, the cryptocurrency market is bracing for what could be a transformative era under the new administration.
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