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Bitcoin hit a new high of $120,000 on Monday morning, as its long surge continues.
The world’s largest cryptocurrency hit $121,207.55 before falling to $120,856.34.
The cryptocurrency, which has increased in value 29% since the beginning of the year, is being buoyed by hopes for big policy wins under a President who has called himself “the Crypto President.”
Starting today, the House of Representatives will debate a number of bills intended to provide digital assets with a national regulatory framework, which has been a long-running demand from the industry and investors.
Donald Trump embraced cryptocurrency during his campaign, as he promised to make the US the “crypto capital of the planet” and build a national stockpile of Bitcoin.
The crypto industry spent nearly $120 million backing pro-crypto candidates in the election. That campaign was largely a success, and saw the unseating of avowed enemies of crypto like Senate Banking Chair Sherrod Brown in Ohio, and wins for pro-crypto candidates in Michigan, West Virginia, Indiana, Alabama and North Carolina.
