Bitcoin hits new record high of more than $106,000

Bitcoin, the largest cryptocurrency in the world, has recently achieved a remarkable milestone by reaching a new record high of over $106,000. This significant increase comes after a surge of more than 50% in its value since Donald Trump won the presidential election on November 5. During trading in Asia on Monday, Bitcoin's price briefly exceeded $106,000 before settling back to around $105,000. Many investors believe that the incoming Trump administration will be more supportive of cryptocurrencies compared to the Biden administration. In a recent statement, Trump mentioned that he is considering the idea of establishing a national stockpile of Bitcoin, similar to the strategic oil reserve that the country currently maintains. Peter McGuire, a representative from the trading platform XM. com, shared his insights with the BBC, stating that the Bitcoin rally following the election has been exceptionally rapid, and the fear of missing out, often referred to as FOMO, is driving more investors to join in. McGuire expressed optimism, suggesting that Bitcoin could potentially reach $120,000 by the end of this year, with discussions of it surpassing $150,000 by mid-2025. Earlier this month, Trump appointed David Sacks, a well-known entrepreneur from Silicon Valley, to oversee matters related to artificial intelligence and cryptocurrencies. Sacks, who previously worked at PayPal, is also a close associate of Elon Musk, a prominent supporter of Trump. Furthermore, Trump has indicated his intention to nominate Paul Atkins, a lawyer with a pro-cryptocurrency stance, as the new head of the Securities and Exchange Commission (SEC). This is noteworthy because the current SEC chairman, Gary Gensler, has faced criticism for taking legal actions against various cryptocurrency firms, which has sparked controversy among investors. Trump has publicly stated his desire to remove Gensler on the very first day of his administration, which is set to begin on January 20 of next year.