Bitcoin has surged to a new record high, extending a rally that has seen the cryptocurrency's price rise by more than 50 per cent since Donald Trump's victory in the November 5 US election.
The world's largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday, BBC reported.
The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.
On Thursday, Trump reiterated that he is considering creating a national stockpile of the digital currency, similar to the country's strategic oil reserve.
"The Bitcoin rally since the election has been parabolic and the FOMO - or fear of missing out - rally is gathering momentum," said Peter McGuire from trading platform XM.com.
"Many investors believe $120,000 is achievable by the end of the year and then in 2025 there's talk of greater than $150,000 by mid-year".
Earlier this month, Trump named Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar.
Sacks is a former PayPal executive and a close friend of Trump adviser and mega-donor Elon Musk.
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