Bitcoin hit a record high above $109,000 on Monday, just ahead of Donald Trump's planned return to the U.S. presidency.
According to Channels TV, the cryptocurrency surged to an all-time peak of $109,241 before retreating slightly to $107,765. This remarkable rally comes as Trump, who has signaled intentions to deregulate the cryptocurrency sector, is set to take office.
Bitcoin's climb follows a wave of optimism after Trump's victory in November 2024, further fueled by his decision to nominate cryptocurrency supporter Paul Atkins to head the U.S. Securities and Exchange Commission (SEC).
Trump, who previously dismissed cryptocurrencies as a "scam," shifted his stance during his election campaign, eventually becoming one of their most vocal advocates.
In a striking move, Trump launched his own cryptocurrency, aptly named $TRUMP, over the weekend. The release sparked widespread interest, leading to a surge in its market capitalization, which quickly reached several billion dollars.
When Bitcoin crossed the $100,000 milestone in early December 2024, Trump celebrated it on his Truth Social platform, stating, "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!"
Cryptocurrencies have long been a subject of controversy, criticized for their volatility, associations with illegal activities, and environmental impact due to energy-intensive mining processes.
Despite these concerns, Bitcoin's rise continues to dominate financial headlines, especially with the backing of influential figures like Trump, whose presidency promises to shape the future of the cryptocurrency industry.
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