Bitcoin, the world’s largest cryptocurrency, has set a new record, surging more than 50 percent in value since Donald Trump’s November 5 election victory in the United States, briefly surpassing $106,000 and falling to $105,000 as it traded in Asian markets.
The Trump administration is believed to be more friendly toward cryptocurrencies than the Biden administration, with President-elect Trump confirming on Thursday that he is considering creating a national digital currency reserve similar to oil reserves.
Earlier this month, Trump tapped Silicon Valley businessman David Sacks as his adviser on artificial intelligence and cryptocurrencies. Sacks is a close friend of former PayPal CEO and Trump adviser Elon Musk.
Trump also announced that he will nominate Washington lawyer Paul Atkins, a cryptocurrency advocate, as the next chairman of the Securities and Exchange Commission.
In a statement last month, current SEC Chairman Gary Gensler announced that he would step down on Trump’s inauguration day on January 20. “I thank President Biden for giving me this incredible responsibility,” Gensler said in a post on social media platform X. “The SEC has fearlessly fulfilled its duty and enforced the law impartially.”
Trump had previously announced his plan to fire Gensler on the first day of his new administration, and Gensler’s legal actions against crypto companies have been controversial in some circles. These actions by the Trump administration are making its policies toward cryptocurrencies more positive in the markets.
Trump’s crypto-friendly policies and the names he has added to his team are believed to have had a significant impact on Bitcoin’s rise to this record high.
