Bitcoin surged to a record high of $107,822, driven by President-elect Donald Trump’s support for a national Bitcoin reserve and investor optimism.

Trump reaffirmed his stance in a CNBC interview, citing the need to compete globally, while Wyoming Sen. Cynthia Lummis’ proposed Bitcoin Act seeks to establish the reserve.

Trump’s Treasury pick, Scott Bessent, and Lummis’ involvement add credibility to Bitcoin as a reserve asset.

Analysts suggest this could spark global competition for Bitcoin, Fortune has reported.

Despite risks of volatility, such as El Salvador’s early losses, Bitcoin has rebounded, rising over 150% this year amid pro-crypto sentiment.

Written by B.C. Begley