Bitcoin hits $100,000 mark as Trump champions pro-crypto agenda
Bitcoin has surpassed the $100,000 mark, driven by growing investor confidence following U.S. president-elect Donald Trump’s shift in favor of cryptocurrencies.
The world’s largest digital currency reached a peak of $103,800 on Thursday, marking a 50% increase since Trump’s November election victory.
The rally gained momentum after Trump nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a more crypto-friendly regulatory approach.
Atkins’ appointment, combined with Trump’s pledge to make the U.S. “the bitcoin superpower of the world,” has sparked excitement in the market.
“Bitcoin reaching $100k is a monumental achievement for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted, never wavered, and we will never stop building.”
Trump’s crypto-friendly administration has also appointed Howard Lutnick to the Commerce Department and Elon Musk to co-lead the newly formed “Department of Government Efficiency,” humorously dubbed “DOGE” after the popular cryptocurrency Dogecoin, which has surged 150% since election day.
According to the Financial Times, this surge contrasts sharply with the sector’s downturn two years ago, when the collapse of FTX and regulatory crackdowns caused Bitcoin to plummet to $16,000.
Institutional investment is pouring in, with BlackRock’s Bitcoin ETF managing $45 billion in assets alone.
Cameron Winklevoss, co-founder of Gemini, encapsulated the mood: “This Bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”
With $4.4 billion flowing into crypto ETFs since November, and companies like MicroStrategy planning to raise $42 billion for additional Bitcoin investments, analysts predict a “golden era” for digital assets under the incoming administration.
Earlier in November, it was reported that Bitcoin surpassed the $80,000 mark, hitting an all-time high of $81,858 amid post-election optimism. Within days, the cryptocurrency hit a new record above $90,000.
As of 5:33 a.m., Coin Market Cap showed Bitcoin at $102,724.32, up more than 7% in the last 24 hours.
Trump’s previous administration was skeptical of digital currencies, but the president-elect has since embraced crypto, pledging to make the U.S. the “crypto capital of the planet.”
CNBC reported that Trump promised to retain “100% of all the Bitcoin the U.S. government currently holds or acquires in the future” and to remove SEC Chair Gary Gensler, whose tenure was marked by over 100 regulatory actions against crypto firms.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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