Bitcoin has surged to a record high above $US105,000 in early Asian trade, extending gains made since Republican Donald Trump, who has promised to champion cryptocurrencies, was elected US president in November.

Bitcoin hit a high of $US105,142 ($A165,390) and last traded at $US104,666.

The price rose on news reports over the weekend that Trump would go ahead with a bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.

“We’re in blue sky territory here,” Sycamore said on Monday.

“The next figure the market will be looking for is $110,000.”

This post was originally published on Michael West.