Bitcoin has set a new record in just a few weeks, surging more than 50 percent since Donald Trump's election victory on Nov. 5. The world's largest cryptocurrency briefly topped $106,000 before falling to around $105,000 in Asian trading on Monday.
The incoming Trump administration is seen as much more cryptocurrency-friendly than Joe Biden's. On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of digital currency, similar to the country's strategic oil reserve.
Peter McGuire from trading platform XM.com said Bitcoin's growth has been brisk.
"Many investors believe that $120,000 could be reached by the end of the year and then in 2025 there is talk of more than $150,000 by mid-year."
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks to manage Artificial Intelligence (AI) and cryptocurrency.