Talk about timing.

Less than 24 hours before President Donald Trump was set to host a gala for crypto investors, the price of bitcoin hit a new all-time high — a confluence of events likely to bolster Trump’s reputation as a champion of digital assets even as the dinner has raised ethical concerns.

Around 12 p.m. Thursday, bitcoin’s price had settled at about $111,300. It hit an all-time high of $$111,875 at approximately 3:30 a.m., the crypto publication CoinDesk reported.

Trump is slated to preside over a dinner at his property outside Washington, D.C., on Thursday that will convene the top recent holders of his $TRUMP coin cryptocurrency.

More than 200 mostly anonymous crypto buyers, many of them from overseas, spent a total of…