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Bitcoin has soared to a new all-time high, surpassing $106,000. This remarkable increase continues a rally that has seen the cryptocurrency's price climb over 50% following Donald Trump's victory in the 5 November election.
The world's largest cryptocurrency briefly passed $106,000 (£83,890), before falling back to around $105,000 in Asia trade on Monday.
The incoming Trump administration is seen as being far more friendly towards cryptocurrencies than the Biden White House.
On Thursday, the US president-elect reiterated that he is considering creating a national stockpile of the digital currency, similar to the country's strategic oil reserve.
"The Bitcoin rally since the election has been parabolic and the FOMO - or fear of missing out - rally is gathering momentum," Peter McGuire from trading platform XM.com said.
"Many investors believe $120,000 is achievable by the end of the year and then in 2025 there's talk of greater than $150,000 by mid-year".
Earlier this month, Trump named Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar. Mr Sacks is a former PayPal executive and a close friend of Trump adviser and mega-donor Elon Musk.
Trump has also said he would nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC).
Last month, the SEC's current head, Gary Gensler, said he would resign from the role on the day of Trump's inauguration, on 20 January next year.
"I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour," Mr Gensler wrote on the social media platform X.
President-elect Trump had previously threatened to fire SEC Chairman Gary Gensler on his first day in office, following the SEC's legal actions against cryptocurrency companies, a move that sparked controversy.
