Bitcoin has been making significant waves in the financial world. Since Donald Trump's victory in the 5 November election, its price has witnessed a remarkable rise of more than 50%. This has led to a new record high for the cryptocurrency, with it briefly reaching $106,000 (£83,890) before settling back to around $104,500 in Asian trade on Monday. The incoming Trump administration is perceived as being more favorable towards cryptocurrencies compared to the Biden White House. Trump's team has been taking steps to promote and regulate the digital currency. On Thursday, the US president-elect emphasized his consideration of creating a national stockpile of the digital currency, similar to the strategic oil reserve. This move has added to the excitement and speculation surrounding Bitcoin.

Expert Perspectives on the Bitcoin Rally

Peter McGuire from trading platform XM.com believes that the Bitcoin rally since the election has been parabolic. He states that the fear of missing out (FOMO) rally is gathering momentum. Many investors share this optimism and believe that $120,000 is achievable by the end of the year. There are even talks of Bitcoin reaching greater than $150,000 by mid-year in 2025. This shows the high expectations and potential that investors have for Bitcoin.Earlier this month, Trump appointed Silicon Valley entrepreneur David Sacks as his artificial intelligence (AI) and cryptocurrency tsar. Sacks, a former PayPal executive and a close friend of Trump adviser and mega-donor Elon Musk, brings his expertise and connections to the cryptocurrency space. His appointment is seen as a significant boost for Bitcoin.Trump has also announced his intention to nominate pro-cryptocurrency Washington attorney Paul Atkins as the new head of the Wall Street regulator, the Securities and Exchange Commission (SEC). Currently, the SEC's head, Gary Gensler, is set to resign on the day of Trump's inauguration on 20 January next year. Gensler had taken legal action against cryptocurrency firms, which sparked controversy. Trump's decision to replace him with a pro-cryptocurrency advocate is likely to have a significant impact on the regulatory landscape of cryptocurrencies.The actions and announcements of the Trump administration have had a profound effect on the Bitcoin market. Investors are closely watching these developments and adjusting their strategies accordingly. The future of Bitcoin remains uncertain, but its current surge and the support from the Trump administration have attracted a lot of attention and investment.