The news: Bitcoin’s price hit a record US$109,000 ($174,010) on Monday, driven by anticipation of pro-crypto policies as Donald Trump prepared to take office as the 47th US president.
Trump has pledged to establish the US as the “crypto capital” by creating a bitcoin stockpile, appointing a “crypto czar,” and enacting industry-friendly regulations.
The numbers: His promises have energised the cryptocurrency market, with bitcoin rallying over 10% so far in January alone, and up from its US$20,000 valuation two years ago.
The digital currency hit an all-time high of US$109,071.86 in early European trading on Monday before falling back to trade around US$107,600 in the late afternoon.
The context: It comes as Trump’s newly launched meme coin, $TRUMP, sparked ethical and regulatory concerns.
Observers remain sceptical of cryptocurrency volatility and its misuse, but supporters see Trump’s administration as a turning point for the industry.
