File photo for representational purposes.
London: Bitcoin hit a record high above $109,000 on Monday as Donald Trump, who plans to deregulate the cryptocurrency sector and has launched his own "meme coin", prepares to be sworn in as US president.
Bitcoin surged to an all-time peak of $109,241 ahead of Trump's inauguration ceremony, before falling back to around $107,000.
The world's biggest cryptocurrency has soared nearly 60 percent in value since Trump won the presidential election in early November, which saw it surpass $100,000 for the first time at the start of December.
It came after he nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism that the new president will deregulate the sector.
Despite having once branded cryptocurrencies a "scam", Trump changed his stance and was a major advocate of them during his election campaign.
When bitcoin reached the landmark $100,000 level, Trump wrote on his Truth Social platform: "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!
