Bitcoin has reached a new all-time high, continuing a rally that has seen its price increase by more than 50% since the U.S. presidential election on November 5.
According to the reports received by Leaders team, the world’s largest cryptocurrency briefly surpassed $106,000 before settling at around $104,500 during Asian trading on Monday. The incoming administration is perceived as being more favorable toward cryptocurrencies, fueling optimism in the market.
On Thursday, the president-elect hinted at plans to create a national stockpile of 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 gaining momentum,” said Peter McGuire from trading platform XM.com. “Many investors believe $120,000 is achievable by the end of the year, with projections of over $150,000 by mid-2025.”
Adding to the momentum, the president-elect has named Silicon Valley entrepreneur David Sacks as the administration’s artificial intelligence (AI) and cryptocurrency advisor. Sacks, a former PayPal executive, is a prominent figure in the tech space and a known advocate for cryptocurrency innovation.
Further signaling a shift in regulatory outlook, the president-elect has indicated plans to nominate cryptocurrency-friendly attorney Paul Atkins to lead the Securities and Exchange Commission (SEC). This follows the announcement that the current SEC chair, Gary Gensler, will step down on the inauguration day of the new administration.
As per the sources of Leaders team, Gensler, who has faced criticism for taking legal action against cryptocurrency firms, expressed gratitude for his time in the role, stating, “The SEC has met its mission and enforced the law without fear or favor.”
The incoming administration’s pro-crypto stance, coupled with leadership changes at regulatory agencies, has created a wave of optimism among investors, further driving Bitcoin’s historic rally.
