Bitcoin reached a record high of over $109,000 on Monday, driven by anticipation surrounding Donald Trump’s upcoming swearing-in as US president and his plans to deregulate the cryptocurrency industry.
Bitcoin surged to an all-time high of $109,241 before slightly dropping back to $107,765 at around 07:40 GMT. The cryptocurrency has seen significant growth since Trump’s election victory in November, with Bitcoin crossing the $100,000 mark for the first time in early December.
This rise followed Trump’s nomination of cryptocurrency supporter Paul Atkins to lead the US securities regulator, fueling optimism that the new administration would ease regulations on the sector.
Although Trump had previously called cryptocurrencies a “scam,” he became a major advocate during his campaign. Over the weekend, he launched his own cryptocurrency, $TRUMP, which quickly gained traction, sending its market capitalization into the billions.
When Bitcoin hit the $100,000 milestone, Trump celebrated on his Truth Social platform, saying: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Cryptocurrencies, since their inception, have made headlines due to their extreme volatility and the collapse of several key industry players, including the FTX exchange.
Bitcoin was created in 2008 by an individual or group using the name Satoshi Nakamoto, aiming to offer a decentralized alternative to traditional financial institutions. The digital currency is “mined” by solving complex problems to validate transactions on a tamper-proof ledger known as the blockchain.
Despite its popularity, Bitcoin has faced criticism for being used in illicit activities on the dark web, such as money laundering and ransomware attacks. Its environmental impact has also been questioned, as cryptocurrency mining consumes large amounts of energy.
