(Reuters) – Bitcoin rose to a record high above $105,000 in early Asian trading on Monday, extending gains made since Republican Donald Trump, who pledged to support cryptocurrencies, was elected U.S. president in November.
it peaked at $105,142 and last traded at $104,666.
According to Tony Sycamore, an analyst at IG, the price rose following news reports over the weekend that Trump would launch a strategic Bitcoin reserve fund.
“We are in blue sky territory,” Sycamore said. “The next amount the market will expect is $110,000.”
Bitcoin has surged more than 50% since the November 5 election, in which Trump was elected along with many other pro-crypto candidates.
The cryptocurrency industry has spent over $119 million supporting pro-crypto U.S. congressional candidates, hoping to support those who would pass cryptocurrency-friendly bills to promote digital assets.
This month, Trump named a White House czar for artificial intelligence and cryptocurrencies, former PayPal (NASDAQ:) executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
