Bitcoin hits new all-time high ahead of Trump cryptocurrency dinner

Bitcoin prices set a new record early Thursday morning, the same day that President Donald Trump is expected to hold a gala for cryptocurrency investors.

The president is expected to host the gala at a golf course outside of Washington, D.C., on Thursday night, which will include top investors in his $TRUMP coin cryptocurrency. Invitations for the event have been touted as the "most exclusive invitation" in the world.

The crypto crowd played a major role in funding Trump's recent presidential campaign, and spent a total of $394 million on the cryptocurrency, according to NBC News. 

Bitcoin, which officially launched as a form of online currency in 2009, set a new record at around 3:30 a.m. Eastern, when it reached $111,875, per the crypto publication CoinDesk. Its previous record was $109,000.

The surge comes as Trump emphasizes the importance of the cryptocurrency industry. Trump promised to be the first "crypto president" on the campaign trail last year, and signed an executive order that declared “the policy of my Administration [is] to support the responsible growth and use of digital assets … across all sectors of the economy.”

The president has also hosted the first ever "crypto summit," which included prominent CEOs, founders and investors from the cryptocurrency industry.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.