Bitcoin prices topped $100,000 for the first time ever on Wednesday evening and continued rising on Thursday, as the cryptocurrency added to its record-setting run in the wake of President-elect Trump's election victory and more buzz that the incoming administration will have a crypto czar.
The price of bitcoin rose from $69,121 the day before Election Day to what was then an all-time high of $74,445 on Nov. 6, the day after the election.
From there, bitcoin's surge has continued, and it broke the $80,000 mark for the first time on Nov. 10 and then eclipsed the $88,000 threshold for the first time the following day. By Nov. 13, bitcoin was trading above $92,800 before a slight decline.
On Truth Social, Trump said "Congratulations Bitcoiners!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!."
The surge in crypto has driven investors into related exchange traded funds. 2X Bitcoin Strategy ETF, Grayscale Bitcoin Trust, Hashdex Bitcoin and ProShares Bitcoin are among the year's top performers, tracked by VettaFi, all with triple digit returns well over 100%.
Bitcoin had been trending higher in the lead up to the election, but Trump's victory over Vice President Kamala Harris helped fuel sentiment among investors that pushed it to new highs.
He also pledged to make the U.S. the "crypto capital of the planet" and the "bitcoin superpower of the world" at a conference over the summer, and said that he would establish a crypto advisory board.