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The price of bitcoin surged to a new record high this morning ahead of Donald Trump's inauguration.
The cryptocurrency jumped nearly 7 per cent to beyond $108,000 a coin, tearing past the previous record.
The price of bitcoin has increased significantly since Trump's election in November, breaking the $100,000 barrier in early December, and has remained around that mark since.
Now, investors have piled into bitcoin just hours before Trump's inauguration amid expectations that the new President will continue to champion cryptocurrency.
Over the weekend, Trump launched his own cryptocurrency 'meme coin' $Trump.
Russ Mould, investment director at AJ Bell said: 'Pending more information on how Trump plans to achieve policy goals, certain investors have focused on the here and now, and that's a world in which the new president embraces cryptocurrencies.
'Bitcoin has gone bananas after Trump launched his own cryptocurrency on Friday. It's got crypto fans fired up in hope that digital currencies will go mainstream.'
Bitcoin has a maximum total supply of 21million, with 19.9million already in existence.
Last year, Standard Chartered, set a bitcoin price target of $200,000 by the end of 2025.
The bank said: 'Given the potential for further institutional flows in 2025, we remain comfortable with our end-2025 price level of around $200,000.
'Greater-than-expected uptake by US retirement accounts/pension funds, global SWFs or a potential US strategic reserve fund would make us even more bullish.
