Bitcoin Hits Record High, Surpassing $106,000

December 16, 2024 EMMANUEL ADEBAYO AJIBOLA

Bitcoin has soared to a record high, continuing a rally that has propelled its value by over 50% since Donald Trump’s victory in the 5 November election.

So far, cryptocurrency slightly surpassed $106,000 (£83,890) before going down to $105,000 during Asian trading on Monday.

The market segment has already started filling in their expectations from the yet-to-be-inaugurated president as they are expecting that his administration will adopt new strategies in cryptocurrency that will favour them to Biden’s administration.

The US president-elect on Thursday hinted at plans to establish a national reserve of digital currency, akin to the country’s strategic oil reserve.

Peter McGuire from trading platform XM.com spoke to the BBC, saying, “The Bitcoin rally since the election has been parabolic, and the FOMO—or fear of missing out—rally is gathering momentum”.

He added, “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.”.

Trump had earlier this month named Silicon Valley entrepreneur David Sacks his artificial intelligence (AI) and cryptocurrency tsar.

Trump had also mentioned that he would designate Washington attorney Paul Atkins, a pro-cryptocurrency, as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC).

The SEC’s current head, Gary Gensler, had already dropped his comment that he would give up his position the same day Trump would take over office. It is scheduled to take place on the 20th of January next year.

Mr. Gensler posted on the social platform X saying, “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour”.

It is noted that Trump had already planned to remove Mr. Gensler on the first day he got into office; this was as a result of the legal action the SEC chairman took against cryptocurrency, which brought lots of controversies.