Bitcoin hit a record high of over $109,000 on Monday as Donald Trump, who has signaled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.
Bitcoin surged to a record high of $109,241 ahead of Trump’s inauguration ceremony before falling to around $107,500, AFP reported.
The world’s largest cryptocurrency has surged since Trump won the presidential election in November, with bitcoin surpassing $100,000 for the first time in early December.
This came after Trump appointed Paul Atkinson, a cryptocurrency advocate, to head the US securities regulator, further boosting optimism that the new president will implement many policies that are favorable to cryptocurrency users.
Although he had previously called cryptocurrencies a “fraud”, Trump changed his stance and became a strong advocate for them during his election campaign.
Over the weekend, Trump launched his own cryptocurrency aptly named $TRUMP, sparking a buying frenzy that pushed its market cap to several billion dollars.
