Bitcoin reached a historic milestone on Monday, soaring above $109,000 as Donald Trump, who has expressed plans to deregulate the cryptocurrency sector, prepared for his inauguration. The digital currency peaked at $109,241 before settling at $107,765, marking a significant surge in its value. This jump in Bitcoin’s price came in the wake of Trump’s election win in November and his nomination of Paul Atkins, a cryptocurrency advocate, to head the US securities regulator.

Since Trump’s victory, Bitcoin has experienced a dramatic rise, surpassing the $100,000 mark in early December. Trump, who initially dismissed cryptocurrencies as a "scam", has since become a strong supporter, even launching his own cryptocurrency, $TRUMP, over the weekend. This move caused a massive surge in buying activity, driving the market cap of $TRUMP into the billions.

In a post on his Truth Social platform, Trump congratulated Bitcoiners on the currency’s achievement of hitting $100,000, stating, "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!! Together, we will Make America Great Again!"

Despite its popularity, Bitcoin has faced scrutiny for its use in illegal activities, such as money laundering and ransomware attacks, and for its environmental impact due to the high energy consumption required for cryptocurrency mining. Bitcoin was created in 2008 by an anonymous figure or group known as Satoshi Nakamoto and was designed as a decentralized alternative to traditional financial systems.