WASHINGTON (AP) — Bitcoin's price skyrocketed to over $109,000 early Monday, coinciding with President-elect Donald Trump’s inauguration, as the cryptocurrency sector anticipates forthcoming supportive measures.

Once skeptical about cryptocurrencies, previously labeling them as a potential "scam," Trump has since embraced the digital currency landscape. With ambitions to transform the U.S. into the “crypto capital” of the world, he has initiated a new cryptocurrency venture and made several campaign promises aimed at reforming the industry. These include the establishment of a U.S. crypto stockpile, the implementation of favorable regulations, and the appointment of a “crypto czar.” “You’re going to be very happy with me,” Trump promised attendees at a bitcoin conference last summer.

Bitcoin, the most widely recognized cryptocurrency, emerged in 2009 as an alternative to traditional currencies, free from banking controls and governmental oversight. Despite its tumultuous price fluctuations and critics highlighting its association with criminal activity, the crypto market continues to grow, having climbed from just around $20,000 two years ago. Since Trump's electoral win, Bitcoin has significantly risen, having recently surpassed the $100,000 mark and maintaining a current upward trend of more than $9,000 on Monday alone, according to CoinDesk.

The eagerly awaited inauguration saw crypto supporters in high spirits. Industry insiders hosted a "Crypto Ball" to celebrate Trump's victory, drawing many attendees with tickets priced in the thousands, reflecting the growing confidence of major industry players who felt sidelined during the Biden administration.

As president, Trump intends to launch a special advisory council to shape “clear” regulatory frameworks for cryptocurrencies within his first 100 days in office. Although specifics remain unconfirmed, he has selected tech executive and venture capitalist David Sacks as the administration's crypto czar, alongside the appointment of former congressional candidate Bo Hines to direct the “Presidential Council of Advisers for Digital Assets.”

The cryptocurrency ecosystem had expressed frustration with the previous administration's stringent regulatory landscape, directed by outgoing SEC Chairman Gary Gensler, who faced criticism for his approach viewed by many in the crypto community as overly prohibitive. Expectations for a shift in regulatory tone are high as Trump assembles a cabinet filled with crypto advocates.

Among his announcements, Trump pledged to establish a “Strategic Bitcoin Reserve” modeled on the current gold reserve strategy, further legitimizing Bitcoin as a valuable asset. This would involve the U.S. government retaining, rather than auctioning off, seized bitcoins, with discussions currently surrounding the potential accumulation of at least $21 billion held in reserves.

Furthermore, Trump's promise to commute the life sentence of Ross Ulbricht, the founder of the Silk Road, continues to resonate with advocates within the cryptocurrency community, raising discussions about the freedom of market transactions.

As crypto prices continue to fluctuate and the new administration rolls out its plans, industry stakeholders hope to see meaningful regulatory changes that support innovation and growth within the digital currency sector.

Read more on this developing story at AP News and TIME.