Bitcoin Surpasses $106,000, Setting New Record High

Bitcoin value has soared to a new record of over $106,000 following Donald Trump’s win in the November 5 election. This marks a more than 50% increase in the cryptocurrency’s price since Trump’s victory.

The surge is largely due to expectations that Trump’s administration will support cryptocurrencies more than Biden’s did. Recently, Trump mentioned he might create a national reserve of Bitcoin, similar to the U.S. oil reserve.

Peter McGuire from XM.com noted, “The excitement around Bitcoin has really taken off since the election, and everyone is eager to get involved.” Some investors now believe Bitcoin could reach $120,000 by the end of this year and possibly go over $150,000 by mid-2025.

“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum,” Peter McGuire from trading platform XM.com told the BBC.

“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 named Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar.

Adding to the positive outlook, Trump appointed David Sacks, a well-known figure from Silicon Valley and a former PayPal executive, as his advisor on technology and cryptocurrency. Sacks is friends with Elon Musk, who is also close to Trump.

Trump also plans to appoint Paul Atkins, a supporter of cryptocurrency, as the new head of the Securities and Exchange Commission (SEC).

This comes as the current SEC leader, Gary Gensler, announced he will resign on January 20, the day Trump is inaugurated. Gensler is known for his tough actions against cryptocurrency companies, which had caused some controversies.

With these changes, the financial markets are watching closely to see how U.S. policies on cryptocurrencies might change under Trump’s administration.