Bitcoin has reached an impressive milestone of $100,000, benefitting from increased investor confidence following a shift in stance towards cryptocurrencies by the U.S. president-elect.
The cryptocurrency surged to $103,800, a 50% increase post Trump’s election victory in November.
The market rally gained momentum after the nomination of Paul Atkins, a crypto supporter, to head the Securities and Exchange Commission (SEC), indicating a more favorable regulatory climate.
The appointment of Atkins and Trump’s vision to establish the U.S. as the leading force in Bitcoin has sparked excitement in the industry.
Kris Marszalek, CEO of Crypto.com, expressed, “Bitcoin hitting $100k is a significant achievement for our community. Our commitment remains unwavering.”
Trump’s administration has also named Howard Lutnick and Elon Musk in key roles related to cryptocurrencies, with Musk co-leading the facetiously named “Department of Government Efficiency” or “DOGE,” in reference to the surging Dogecoin, which has seen a 150% rise since the elections.
The recent surge stands in contrast to the downturn faced by the sector two years ago due to FTX’s collapse and regulatory pressures, leading Bitcoin to plummet to $16,000.
Institutional investments are pouring in, with BlackRock’s Bitcoin ETF managing assets worth $45 billion.
Cameron Winklevoss, co-founder of Gemini, remarked, “This current Bitcoin surge is unique with a pro-tech president-elect, a supportive Senate and House, and a national directive to innovate.”
The influx of $4.4 billion into crypto ETFs since November and corporations like MicroStrategy planning a $42 billion Bitcoin investment indicate an optimistic outlook for digital assets under the new administration.
Reports previously highlighted Bitcoin’s breakthrough past the $80,000 and $90,000 milestones, culminating in a recent value of $102,724.32.
While Trump’s prior administration held a skeptical stance on digital currencies, the president-elect has embraced crypto, aiming to position the U.S. as a global hub for cryptocurrencies.
Trump pledged to retain all Bitcoin held by the U.S. government and to replace SEC Chair Gary Gensler, noted for numerous regulatory actions against crypto firms, as reported by CNBC.