Bitcoin Reaches New Record Highs: Trump's Presidential Draft Boosts Cryptocurrencies

Bitcoin has reached a new all-time high, continuing its impressive upward trend. Since Donald Trump's election victory on November 5th, the cryptocurrency's price has increased by over 50 percent. On Monday morning, the Bitcoin price briefly surpassed the 106,000 dollar mark in Asian trading and stabilized at over 105,000 dollars. Experts attribute the recent rise to the incoming Trump administration, which is considered to be significantly more crypto-friendly than the current administration of Joe Biden. The President-elect recently announced that he is considering the creation of a national digital currency reserve. This proposal is similar to the U.S.'s strategic oil reserve model. Another indicator of the future administration's crypto-friendly stance is the appointment of David Sacks as the new head of artificial intelligence and cryptocurrencies. Sacks, a former PayPal executive, is regarded as a close confidant of Trump's advisor Elon Musk. Additionally, Trump plans to nominate the crypto-supporting attorney Paul Atkins as the new head of the Securities and Exchange Commission (SEC), following the current chairman Gary Gensler's announcement that he will resign on Trump's inauguration day. Gensler, who has been controversial, among other reasons, due to his actions against cryptocurrency companies, has already thanked President Biden for the trust placed in him. Trump's plans to remove Gensler on his first day in office were already known and have now become obsolete with Gensler's announced resignation.