FILE PHOTO: Representation of the bitcoin cryptocurrency and a price chart are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Bitcoin surged to a record high above $105,000 in early Asian trade on Monday, extending gains made since Republican Donald Trump, who has promised to champion cryptocurrencies, was elected U.S. president in November.
Bitcoin hit a high of $105,142 and last traded at $104,666.
The price rose on news reports over the weekend that Trump would go ahead with a bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.
"We're in blue sky territory here," Sycamore said. "The next figure the market will be looking for is $110,000."
Bitcoin has surged more than 50% since the Nov. 5 election that saw Trump elected along with many other pro-crypto candidates.
The cryptocurrency industry spent more than $119 million backing pro-crypto U.S. congressional candidates, hoping to boost those who would pass crypto-friendly bills to promote digital assets.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
(Reporting by Kevin Buckland in Tokyo and Lincoln Feast in Sydney; Editing by Lisa Shumaker)
