Bitcoin jumped to a new record high, extending a rally that has seen the cryptocurrency’s price rise more than 50% since Donald Trump’s November 5 election victory.
The world’s biggest cryptocurrency briefly topped $106,000 (£83,890) and was trading above $105,000 in Asian trade on Monday morning.
The incoming Trump administration is seen as much friendlier to cryptocurrencies than the Biden White House.
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 reserves.
Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency czar.
Mr. Sacks is a former PayPal executive and a close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of Wall Street’s regulator, the Securities and Exchange Commission (SEC).
Last month, current SEC chief Gary Gensler said he would step down on Trump’s inauguration day, January 20 next year.
“Thank you to President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled our mission and enforced the law without fear or favor,” Gensler wrote on the X social network.
Trump previously revealed plans to fire Mr Gensler on “day one” of his new administration after the SEC chairman took legal action against cryptocurrency firms, sparking controversy in some quarters.