Bitcoin has hit a new record high, extending a rally that has seen the price of the cryptocurrency rise more than 50% since Donald Trump's victory in the November 5 election.
The world's largest cryptocurrency briefly topped $106,000 (£83,890) and was trading above $105,000 in Asia on Monday morning.
The new Trump administration is seen as much more supportive of 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 reserve.
Earlier this month, Trump named Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency czar.
Mr. Sacks is a former PayPal executive and close friend of Trump adviser and mega-donor Elon Musk.
Trump also announced that he would nominate pro-cryptocurrency Washington lawyer Paul Atkins to head Wall Street regulator the Securities and Exchange Commission (SEC).
Last month, current SEC Director Gary Gensler announced that he would resign from his position on Trump's Inauguration Day, January 20 next year.
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has fulfilled our mission and enforced the law without fear or favor,” Mr. Gensler wrote on the social media platform X.
Trump previously revealed plans to fire Gensler on “day one” of his new administration after the SEC chairman filed a lawsuit against cryptocurrency companies, sparking controversy in some quarters.
