(Reuters) – Bitcoin hit a record high above $105,000 in early Asian trading on Monday, boosted by comments from President-elect Donald Trump who suggested he plans to create a US bitcoin strategic reserve similar to a strategic oil reserve.
it reached a high of $105,142 and last traded at $104,609.
The price rose on news reports over the weekend that Trump would continue with the bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.
“We’re in a blue-sky area here,” Sycamore said. “The next figure the market will be looking for is $110,000. The pullback that many people expected did not happen, because now we have received this news.”
Bitcoin has risen more than 50% since the November 5 election when Trump was elected along with many other crypto candidates.
“We’re going to do something good with crypto because we don’t want China or anybody else — not just China but others are accepting it — and we want to be at the top,” Trump told CNBC late last week.
When asked if he plans to create a crypto reserve similar to oil reserves, Trump said: “Yes, I think so.”
The cryptocurrency industry spent more than $119 million supporting pro-crypto US congressional candidates, hoping to boost those who will pass crypto-friendly bills to promote digital assets.
Trump this month named the White House czar of artificial intelligence and cryptocurrencies, former PayPal (NASDAQ: ) CEO David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
