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Bitcoin Reaches Record High as Trump’s Crypto Plans Fuel Market Surge. Bitcoin has reached a new all-time high, surpassing $106,000 before settling around $105,000 in Asia trading on Monday. The cryptocurrency’s price has skyrocketed by over 50% since Donald Trump’s victory in the 5 November election. The incoming Trump administration is expected to be more supportive of cryptocurrencies than the Biden administration, fueling market optimism. Trump has indicated he’s considering creating a national reserve of Bitcoin, similar to the U.S. strategic oil reserve. The Bitcoin rally has been described as "parabolic," with investors driven by a "fear of missing out" on potential gains. Experts predict Bitcoin could reach $120,000 by the end of the year, with some forecasting a price above $150,000 in 2025. Silicon Valley entrepreneur David Sacks, a former PayPal executive and close Trump ally, has been named the new AI and cryptocurrency czar. Trump plans to nominate pro-cryptocurrency attorney Paul Atkins to head the Securities and Exchange Commission (SEC). SEC Chairman Gary Gensler has announced his resignation following Trump’s inauguration in January, after facing backlash for his actions against crypto firms. Trump had previously expressed plans to fire Gensler on his first day in office due to the SEC chairman’s controversial legal actions against cryptocurrency firms.
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