The price of Bitcoin has surpassed $80,000 (£62,000) for the first time, following Donald Trump's decisive victory in last week's US election.
This comes as Republicans move closer to overall control of Congress after already securing the presidency and a majority in the Senate.
During the election campaign, the president-elect pledged to make the United States “the crypto capital of the planet.”
The value of the world's largest cryptocurrency has increased by more than 80% this year.
Other cryptocurrencies, including dogecoin – which was promoted by Elon Musk, a prominent Trump supporter – are also making gains.
As the election nears, Trump said he would create a strategic Bitcoin stockpile and appoint financial regulators friendly to digital assets.
Trump said one of his first actions as president would be to fire current Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Mr. Gensler, who was nominated as Joe Biden in 2021, led the SEC's crackdown on the crypto industry.
Trump's broader agenda, which includes cutting taxes and reducing regulations on businesses, has also led to an increase in other investments since he won the election.
Major stock indexes, the dollar and U.S. bonds have all posted gains in recent days.
