Due to an increase in investor confidence following U.S. President-elect Donald Trump’s pro-crypto stance, Bitcoin has reached the $100,000 milestone.
With a 50% spike since Trump’s election triumph in November, the top cryptocurrency in the world reached an all-time high of $103,800 on Thursday.
After Trump named well-known cryptocurrency supporter Paul Atkins as his nominee to head the Securities and Exchange Commission (SEC), suggesting a possible move toward a more crypto-friendly regulatory environment, the rise gathered steam.
The market has been stimulated by Atkins’ nomination and Trump’s announcement that the United States will become “the bitcoin superpower of the world.”
According to Kris Marszalek, CEO of Crypto.com, “Bitcoin reaching $100k is a tremendous milestone for our cause.” “We had no doubts. We never faltered. And we’re going to keep building.
Elon Musk has been appointed to co-lead the “Department of Government Efficiency,” which is jokingly called “DOGE” after the well-known cryptocurrency Dogecoin, which has increased by 150 percent since election day, while Howard Lutnick has been appointed to the Commerce Department by Trump’s crypto-friendly administration.
Bitcoin’s explosive gain represents a dramatic reversal from the crypto sector’s decline two years ago, according to a report published by the Financial Times on Thursday. Bitcoin dropped to $16,000 at that time due to regulatory crackdowns and the failure of FTX.
With $45 billion in assets managed by BlackRock’s Bitcoin ETF, institutional investors are currently driving the market. The sentiment was encapsulated by Gemini co-founder Cameron Winklevoss: “This Bitcoin bull run is different.” We have a red House and Senate, a pro-tech president-elect, and the nation has ordered us to build.
Crypto ETFs have had $4.4 billion in inflows since November, and firms such as MicroStrategy are getting ready to raise $42 billion for additional Bitcoin investments.
According to analysts, the Trump administration will usher in a “golden period” for digital assets.
Amid post-election excitement in the United States, spurred by predictions of pro-crypto legislation under Trump, it was announced in early November that Bitcoin had broken the $80,000 milestone, reaching a then-record high of $81,858. Within three days, Bitcoin’s value skyrocketed above $90,000.
PUNCH Online checked CoinMarketCap at 5:33 a.m. and found that Bitcoin was trading at $102,724.32, up 7% over the previous day.
Notably, the president-elect’s position marks a significant change. Trump has embraced cryptocurrency and promised to make the United States the “crypto capital of the planet,” despite his previous administration’s skepticism.
According to CNBC, Trump has promised to replace SEC Chair Gary Gensler, who oversaw more than 100 regulatory actions against cryptocurrency companies during his tenure, and to keep “100 percent of all the Bitcoin the U.S. government now possesses or acquires in the future.”