TOKYO, Japan — Bitcoin hit a record Thursday, topping $95,000 for the first time as it benefits from expectations that president-elect Donald Trump will push through measures to ease regulation of the unit.
The digital currency reached $95,004.50 in early Asian trade, with observers expecting it to soon reach $100,000.
Traders have been piling into the unit since Trump was elected at the start of the month, pushing it up almost 40% since the vote.
The tycoon pledged on the campaign trail to make the United States the "bitcoin and cryptocurrency capital of the world," and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.
Stephen Innes at SPI Asset Management said the surge has been "driven by mounting confidence that President-elect Donald Trump's administration will usher in a crypto-friendly era. Speculators rally behind the narrative, fueling a frenzy as the digital asset edges toward an unprecedented valuation".