Bitcoin reached a record high of more than $109,000 as Donald Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.
Bitcoin surged to hit an all-time high of $109,241 ahead of Trump's inauguration ceremony, AFP reports.
The world's largest cryptocurrency has risen in value since Trump won the presidential election in November, with bitcoin surpassing $100,000 for the first time in early December.
This came after he nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism that the new president will deregulate the sector.
Although he had previously branded cryptocurrencies a "scam", Trump has reversed his position and was their main advocate during his election campaign.
Over the weekend, he launched his own cryptocurrency, appropriately named $TRUMP, sparking a buying frenzy that saw its market capitalisation soar to several billion dollars.
When bitcoin reached the milestone level of $100,000, Trump wrote on his social media platform Truth Social: "CONGRATULATIONS BITCOINERS!!! $100,000!!! WELCOME!!! Together we will make America great again!"
Cryptocurrencies have made headlines since their inception, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.
Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.
It was envisioned as a way to break free from mainstream financial institutions by creating a decentralized platform for transactions.
Digital currency is created - or 'mined' - as a reward when powerful computers solve complex tasks to validate transactions made on an interference-proof ledger known as a blockchain.
Bitcoin has long been criticized for being the currency of choice for making untraceable payments on the so-called dark web, a hidden part of the internet used for criminal activities.
The asset has often been attacked for facilitating money laundering and enabling extortion through ransomware attacks.
Its carbon footprint has also come under scrutiny as mining cryptocurrencies requires huge amounts of energy. | BGNES
