The world’s biggest cryptocurrency, Bitcoin, has been valued at more than $100,000 for the first time, spurred on by Donald Trump’s latest nomination for his presidential team.
The cryptocurrency was valued at $103,280 (£81,160) as of 4.10am UK time, leaping in value by 7.9% in the previous 24 hours, according to currency converter XE.com.
It’s the high water mark of a surge in buying that started on 5 November, the day of the US election.
Since then, the price has risen by around 45% from $69,374 (£54,608).
The rally has also been stoked by a series of the president-elect’s appointments, with Paul Atkins being picked to chair the Securities and Exchange Commission (SEC) on the same day that the cryptocurrency reached its benchmark number.
A former SEC commissioner under George W. Bush, Mr Atkins has frequently made the case against too much market regulation and has been a vocal cryptocurrency advocate.
Paul Atkins visiting Trump Tower in 2016 Pic: AP
Posting on Truth Social, Mr Trump said of his new appointment: “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.
“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Previously a sceptic of digital currency, Mr Trump pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of Bitcoin during this election campaign.
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He was the first presidential candidate to accept donations in crypto-assets, while vice president-elect JD Vance has been strongly supportive of digital currency.
In September, Mr Trump launched World Liberty Financial, a new venture to trade cryptocurrencies.
Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington, said at the time that Mr Trump’s pro-crypto stance was “troubling… while starting a way to personally benefit from it”.