Bitcoin sets sights on $100,000

A stellar rally for the cryptocurrency sparked by expectations of a more friendly regulatory environment under a Donald Trump administration.

It has more than doubled in value this year and is up about 45% since Trump's sweeping election victory on Nov. 5, when voters also elected a slew of pro-crypto lawmakers to Congress.

The cryptocurrency's gains, however, were more measured on Friday. After touching a fresh record high above $99,800, bitcoin pulled back a touch to trade up 1.33% on the day, around $99,383.

Still, the momentum for further gains appeared strong with bitcoin poised for a third straight week of plus-10% gains. It was also on track for its best monthly performance since February.

Its surge has made bitcoin one of the standout winners of so-called Trump trades - assets that are seen as winning or losing from the Republican president's policies.

The cryptocurrency also appears on the cusp of mainstream acceptance since its creation 16 years ago.

"The longer it survives it is taken more seriously, that's just the reality of things," said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.

"As an economist and investor, I find it very hard to value it ... it's anyone's guess. But it does have a momentum aspect to it and at the moment the momentum is up."

Indeed, bitcoin is up around 130% this year.