Sign up for our free weekly IndyTech newsletter delivered straight to your inbox

Sign up for our free IndyTech newsletter

Sign up for our free IndyTech newsletter

Bitcoin is inching closer to $100,000 amid optimism over US President-elect Donald Trump’s pro-cryptocurrency stance.

The world’s leading cryptocurrency crossed the $96,000 mark for the first time and reached an all-time high of just over $97,522.

Several cryptocurrencies, including Bitcoin, have experienced record-breaking price increases amid what has been dubbed the “Trump bump” crypto frenzy.

The value of Bitcoin has more than doubled since the beginning of this year. In the two weeks since Trump’s election, interest rates have risen by about 45 percent.

During his campaign for the White House, Mr. Trump declared himself a pro-crypto candidate and promised to end what he called the “persecution” of the crypto industry and position the US as the “bitcoin superpower of the world”.

In July, he pledged to form a crypto advisory board and create a strategic reserve for Bitcoin from the stock seized by financial criminals.

Trump even floated the idea of ​​using Bitcoin to pay off “the $35 trillion U.S. national debt” in August.

“Give them a little crypto check, right? We’ll give them a little bit of bitcoin and destroy our $35 trillion,” he told Fox Business.

The crypto rally has also been fueled by the election of several pro-crypto lawmakers to the US Congress, who have hinted at a friendlier regulatory approach to digital currencies.

Several pro-crypto public figures such as Elon Musk are also expected to take on leadership roles in the government.

Mr. Trump promised that one of his first steps as president would be to fire Securities and Exchange Commission Chairman Gary Gensler, who led a crackdown on the crypto industry over the past three years.

Amid growing optimism about the US government’s shift to a pro-crypto stance, Bitcoin is much more likely to hit six figures before the end of the year.

“While it is now firmly in overbought territory, it is being pulled towards the $100k level,” IG Markets analyst Tony Sycamore told Reuters.

“Many wonder whether this administration will bring the regulatory clarity the crypto community has been waiting for. It’s probably too early to tell,” said Will Peck, head of digital assets at WisdomTree.