Bitcoin rose to a fresh record high just shy of $95,000 after a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world’s biggest and best-known cryptocurrency, has more than doubled this year.
It was last at $93,709, up 1.6%, after hitting an all-time peak of $94,982.37.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Bitcoin has soared more than 40% since the Nov. 5 U.S. presidential election, as traders bet that Trump’s stated commitment to support cryptocurrencies would lead to a less restrictive regulatory environment, lifting the sector overall.
“The rise of bitcoin over the past 15 years is due to an innovation that cannot be recreated: decentralized electronic cash,” wrote Nikhil Bhatia, founder of The Bitcoin layer, a research provider analyzing bitcoin through a global macroeconomic lens, in emailed comments.