Bitcoin has surpassed $100,000 for the first time, hitting a new record amid a euphoric rally sparked by Donald Trump’s election victory.
The world’s largest and most valuable cryptocurrency, prone to volatile market swings and surges, has been buoyed in recent weeks by hopes that the president-elect’s return to the White House will usher in a new era of tighter regulations. light and supportive policies.
It hit an all-time high of $103,619 on Wednesday. Since Election Day, it has increased about 45%. Other cryptocurrencies have enjoyed similar gains.
“We are witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said Mike Novogratz, founder and CEO of US crypto company Galaxy Digital.
“This momentum is driven by institutional adoption, advances in tokenization and payments, and a clearer regulatory path.”
Trump has nominated cryptocurrency lobbyist Paul Atkins to lead the Securities and Exchange Commission (SEC), a sign that his administration will take a friendlier approach to digital assets whose value has risen in recent years despite concerns about their financial risks.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU ARE WELCOME!!! “Together we will make America great again!” Trump wrote on Truth Social, his social network, on Thursday.
Reaching a six-figure price represents a major milestone for bitcoin. The digital currency was created in 2008 as chains of computer code, without physical form, by a software developer using the pseudonym Satoshi Nakamoto, whose identity has not yet been confirmed.
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Proponents have hailed the currency, and the crypto space in general, as the future of finance. But its rise in valuation has been extraordinarily bumpy, and predictions that it could become an alternative means of paying for goods and services have so far failed to materialize.
“Bitcoin crossing $100,000 is more than just a milestone; “It is a testament to the changing tides in finance, technology and geopolitics,” said Justin d’Anethan, an independent crypto analyst based in Hong Kong.
“The figure that not long ago was dismissed as fantasy is still a reality.”
Trump, who once called Bitcoin “scam”, he reversed his position during his last candidacy for the presidency. His campaign accused Democrats of embarking on an “anti-crypto-American crackdown” under Joe Biden, and pledged to defend bitcoin mining, the ability of American citizens to own crypto assets, and transactions “free from government surveillance and control.” ”.
Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuance and trading platforms,” and the Chamber of Digital Commerce.
“Atkins will offer a new perspective, based on a deep understanding of the digital asset ecosystem,” said Blockchain Association CEO Kristin Smith.
“We look forward to working with him… and ushering in, together, a new wave of American crypto innovation.”
Cryptocurrency-related stocks have soared along with the price of bitcoin. Software company Microstrategy, which has repeatedly raised funds to buy bitcoins and held a total of about 402,100 bitcoins as of early December, has gained about 540% this year.
Trump himself presented a new cryptocurrency business, Global financial freedomin September, although details have been scarce. multimillionaire Elon MuskA major Trump supporter, he is also a cryptocurrency advocate.