Bitcoin prices hit a record high of US$106,533 on Monday in Asia, as United States President-elect Donald Trump proposed a national cryptocurrency reserve.

Meanwhile, ether rose nearly 3% to US$4,014.

Trump’s idea for a bitcoin reserve aims to strengthen the country’s global leadership in crypto, while other countries, like Russia, consider alternatives to foreign currencies.

Federal Reserve Chair Jerome Powell has expressed skepticism. He compared bitcoin to gold, discussing its volatility and questioning its viability as a stable payment method or store of value.

Bitcoin’s price surge follows momentum since the US elections in November, where several pro-crypto candidates, including Trump, won.

The total cryptocurrency market valuation has nearly doubled in 2024, surpassing US$3.8 trillion, according to CoinGecko.