President-elect Donald Trump has expressed support for the bitcoin idea, which some economists see as inflationary and costly, depending on its implementation.

Bitcoin came within a whisker of closing above $100,000 for the first time on Thursday as the election of Republican Donald Trump as U.S. president spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Cryptocurrency investors have big hopes for the approaching presidency of Donald Trump, who campaigned this year as a champion of digital currencies. VOA Correspondent Scott Stearns has our story.

The incoming Trump administration wants to expand the power of the CFTC by granting it oversight of a significant portion of the $3 trillion digital asset market.

The U.S. Commodity Futures Trading Commission, a tiny regulator compared with the Securities and Exchange Commission, may emerge as the arbiter of crypto asset regulation in a second Trump administration,

The Trump government is reportedly looking at the possibility of giving the CFTC the authority to regulate the spot market for Bitcoin and other cryptocurrencies, potentially providing more clarity on which regulator should oversee the industry.