Bitcoin hits $100,000 for first time!
This illustration shows coin imitations of the Bitcoin cryptocurrency.
Bitcoin surged past $100,000 for the first time on Thursday, buoyed by news that Donald Trump had chosen a pro-crypto advocate to lead the U.S. Securities and Exchange Commission (SEC). The landmark decision boosted optimism that the new administration would pursue a deregulation agenda to support the cryptocurrency sector.
The cryptocurrency soared to a record high of $103,800, capping off a meteoric rally that began after Trump’s election on November 5. During his campaign, Trump vowed to transform the U.S. into the global "capital of bitcoin and cryptocurrency." Since his victory, Bitcoin has gained more than 50% and climbed over 140% since the start of the year.
For weeks, Bitcoin's momentum had plateaued just under $100,000 as traders awaited further catalysts. The breakthrough came with Trump’s announcement that he would nominate Paul Atkins, a known crypto proponent, to chair the SEC. Atkins, a former SEC commissioner (2002–2008) and founder of risk consultancy Patomak Global Partners, has worked with firms across the banking, trading, and cryptocurrency industries.
“Paul understands the importance of digital assets and other innovations in making America greater than ever before,” Trump declared. Atkins is expected to replace outgoing SEC chair Gary Gensler, who had implemented stricter regulations on the crypto industry following the 2022 market crash.
Despite Gensler’s tough stance, the SEC recently approved two cryptocurrency-related exchange-traded funds (ETFs)—one linked to Bitcoin and the other to Ethereum—enabling broader public access to digital assets.
“Atkins has a history of opposing the SEC’s aggressive approach to crypto regulation,” noted Stephen Innes of SPI Asset Management. “His appointment signals a likely shift toward a more favorable regulatory environment, aligning with the Republican push for leniency in fostering the digital asset market.”
Trump’s evolving stance on cryptocurrencies is noteworthy. Once a vocal critic, he has become a prominent advocate, even announcing in September the creation of World Liberty Financial, a digital currency platform co-launched with his sons and other entrepreneurs. Trump has also strengthened ties with Elon Musk, who played a key role in his return to the White House, reportedly contributing over $100 million to his campaign and championing him on X, Musk's social media platform. Following Bitcoin’s milestone, Musk reacted simply with, “Wow.”
Investor enthusiasm has also been fueled by speculation that the administration could establish a U.S. strategic bitcoin reserve using assets seized in legal actions, potentially setting a global precedent for legitimizing the digital currency.
Samer Hasn of XS.com remarked, “The prospect of regulatory relief under Atkins is sparking hope that cryptocurrencies will play a more integral role in the U.S. economy.”
While cryptocurrencies like Bitcoin have often faced scrutiny for their volatility, association with illicit activities, and role in high-profile collapses like the FTX exchange, the sector’s innovations continue to attract mainstream interest. Bitcoin, created in 2008 by the pseudonymous Satoshi Nakamoto, was designed as a decentralized alternative to traditional financial systems, with transactions verified on a secure, tamper-proof blockchain.
As the crypto industry braces for potential regulatory shifts, Trump and Atkins have signaled a willingness to embrace digital innovation, a move that could reshape the future of the sector both in the U.S. and globally.
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