Bitcoin Hits Record High of $106,000 Amid Optimism Over Trump’s Pro-Crypto Policies

Bitcoin has reached a new all-time high, continuing a rally that has seen its price soar by more than 50% since Donald Trump’s victory in the U.S. presidential election on November 5. The cryptocurrency briefly surpassed $106,000 during trading on Monday before settling around $105,000. The surge comes as investors anticipate a more crypto-friendly approach from the incoming Trump administration compared to the Biden White House. On Thursday, President-elect Trump announced that he is considering the creation of a national Bitcoin reserve, modeled after the U.S. Strategic Petroleum Reserve. The proposal has fueled excitement in the cryptocurrency market, with many seeing it as a sign of institutional support for digital assets. Trump has also made key appointments that signal his administration’s commitment to advancing cryptocurrency and technology. 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 central role in shaping the administration’s digital asset policies. In another move welcomed by the crypto industry, Trump announced plans to nominate Washington attorney Paul Atkins, a known advocate for cryptocurrency, as the new head of the Securities and Exchange Commission (SEC). Atkins would replace current SEC Chairman Gary Gensler, who has faced criticism for his regulatory crackdowns on cryptocurrency firms. Gensler announced last month that he would step down on January 20, the day of Trump’s inauguration.