Bitcoin has surpassed $100,000 for the first time, driven by optimism surrounding increased political and regulatory support from the US president-elect.

The cryptocurrency has experienced a significant rise of over 40% since the election victory, as the president-elect aims to establish the US as the dominant force in the bitcoin market. The appointment of a crypto advocate to lead the primary market regulator has further boosted market sentiment.

This surge follows the introduction of stock market funds investing in bitcoin earlier this year, indicating growing institutional interest in the asset class. The current rally stands in stark contrast to the market crisis and price drop experienced two years ago. With expectations of a prosperous period for the cryptocurrency industry under the new administration, industry professionals anticipate substantial investments from major asset managers attracted by favorable regulations.