Getty ImagesBitcoin has soared to an all-time high, extending a bull run that has seen cryptocurrency prices rise more than 50% since Donald Trump won the Nov. 5 election.
The world's largest cryptocurrency briefly peaked above $106,000 (£83,890), but fell to around $105,000 in Asian trading on Monday.
The incoming Trump administration is expected to be far more crypto-friendly than President Biden.
On Thursday, the president-elect of the United States reiterated that he is considering creating a national stockpile of digital currencies, similar to the country's Strategic Petroleum Reserve.
“Bitcoin's rise since the election has been parabolic, with FOMO (fear of missing out) gaining momentum,” Peter McGuire of trading platform XM.com told the BBC.
“Many investors believe that $120,000 by the end of the year is achievable, but there is also talk of more than $150,000 by mid-year in 2025.”
Earlier this month, President Trump named Silicon Valley entrepreneur David Sachs as the czar of artificial intelligence (AI) and cryptocurrencies.
Sachs is a former PayPal executive and a close friend of President Trump's advisor and mega-donor Elon Musk.
President Trump also said he would nominate pro-cryptocurrency Washington lawyer Paul Atkins to be the new head of the Securities and Exchange Commission (SEC), the Wall Street regulator.
Current SEC Director Gary Gensler announced last month that he would resign from his post on January 20, the day President Trump was inaugurated.
“Thank you President Biden for entrusting me with this incredible responsibility. The SEC fulfilled our mandate and enforced the law without fear or favor,” Gensler wrote on social media X. .
President Trump previously said he planned to fire Gensler on the “day one” of his new administration after the SEC chairman filed a controversial lawsuit against a cryptocurrency company.
