The price of bitcoin has surged to over $109,000 just hours ahead of President-elect Donald Trump's inauguration, as a pumped up cryptocurrency industry expects early action by him soon after he takes office.

Donald Trump's newly-created cryptocurrency soared on Monday to nearly $12 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S.

Despite being critical of cryptocurrency in his first term, President Trump and his family have come full circle. He is now a champion of the decentralised currency, with crypto-enthusiasts betting he will help the industry once he is in power.