Bitcoin continues its ascend as some expect it to top $100,000

LONDON

Bitcoin sat just above the $90,000 level it broke for the first time on Nov. 13 when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the president-elect Donald Trump. 

Trump's triumphant return to the White House signals a potential golden era for cryptocurrencies, whose influential backers heavily supported his presidential bid.

After years of ascendancy following bitcoin's emergence, the cryptocurrency industry had fallen into a "crypto winter," plagued by scandals and hostile regulatory oversight.

But Trump's impending presidency has spurred an enthusiastic market response, with bitcoin surging more than 25 percent in a week and breaking through the $90,000 mark for the first time.

The president-elect previously voiced opposition to digital currencies, but as a candidate pledged to make the United States "the world capital of crypto," a dramatic shift met with an influx of financial and other support from the sector.

Crypto-affiliated groups spent some $245 million on elections this year, according to the Federal Election Commission, much of it targeting the sector's Democratic opponents.

Among Trump's primary objectives will be the removal of Gary Gensler, the Securities and Exchange Commission (SEC) chairman who has been a formidable opponent to the sector.

The president-elect has also discussed establishing national bitcoin reserves, a move that could mainstream cryptocurrencies further.

The government currently holds approximately 210,000 bitcoins worth about $18 billion, mostly from judicial seizures.