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Bitcoin soared to a record high of $94,982.37 before settling at $93,709, following reports that Donald Trump's social media company was in talks to acquire crypto trading firm Bakkt.
Analysts attribute the surge of Bitcoin to investor confidence in Trump’s stated commitment to support cryptocurrencies.
The news fueled optimism for a more crypto-friendly regulatory environment under Trump’s incoming administration.
Bitcoin, the world’s largest cryptocurrency, has more than doubled in value this year and risen over 40% since the November 5 U.S. presidential election. Analysts attribute the surge to investor confidence in Trump’s stated commitment to support cryptocurrencies.
"Bitcoin’s rise over the past 15 years is rooted in its innovation as decentralized electronic cash," said Nikhil Bhatia, founder of The Bitcoin Layer and adjunct professor of finance at USC Marshall School of Business.
He added that if Bitcoin reached gold's market size of $17 trillion, its price could rise to approximately $800,000 per coin.
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