Bitcoin jumps to record on institutional investor demand

New York/Singapore: Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and friendly policies of US President Donald Trump's administration.

The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year thus far to more than 24 per cent.

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Paul Atkins and White House artificial intelligence czar David Sacks.

Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, a SEC filing on Tuesday showed.

Ether, the world's second-largest cryptocurrency, similarly jumped more than 5 per cent to last trade at $2,964.02, after earlier hitting a five-month high of $2,998.41.