Bitcoin Reaches Record High of Over $106,000

cryptocurrency-friendly administration

the incoming trump administration is expected to be significantly more supportive of cryptocurrencies compared to the biden white house. on thursday, president-elect trump reaffirmed his interest in creating a national bitcoin reserve, akin to the u.s. strategic oil reserve.

"the bitcoin rally since the election has been parabolic, and the fomo – or fear of missing out – is gathering momentum," said peter mcguire from trading platform xm.com in an interview with the bbc.

trump’s pro-crypto appointments

earlier this month, trump appointed silicon valley entrepreneur david sacks as his artificial intelligence (ai) and cryptocurrency advisor. a former paypal executive and close associate of elon musk, sacks is expected to play a pivotal role in shaping the u.s.’s cryptocurrency policies.additionally, trump announced plans to nominate paul atkins, a pro-cryptocurrency attorney from washington, as the next head of the securities and exchange commission (sec). this follows the announcement by current sec chair gary gensler that he will resign on january 20, the day of trump’s inauguration.