Bitcoin has surged above the $100,000 mark, driven by investor optimism after U.S. president-elect Donald Trump expressed support for cryptocurrency.
Since Trump’s election triumph in November, the value of the most valuable digital asset has increased by 50%, reaching $103,800 on Thursday.
The surge gained momentum after Trump announced crypto advocate Paul Atkins as his pick to lead the Securities and Exchange Commission (SEC), signaling a dramatic shift in the regulatory landscape.
Trump’s promises to position the United States as a global leader in cryptocurrency, combined with Atkins’ nomination, have sent bullish waves through the market.
“Bitcoin reaching $100k is an incredible milestone for our movement. We never doubted. We never wavered. And we will never stop building,” said Kris Marszalek, CEO of Crypto.com.
The incoming administration has further stoked enthusiasm by naming Howard Lutnick to head the Commerce Department and enlisting Elon Musk to co-lead the newly formed “Department of Government Efficiency,” cheekily dubbed “DOGE” after Dogecoin.
The meme-based cryptocurrency has also skyrocketed by 150% since the election.
According to Financial Times on Thursday, this marks a stark turnaround from Bitcoin’s low of $16,000 two years ago, following the collapse of FTX and widespread regulatory crackdowns.
Institutional investors have since flocked to the market, with BlackRock’s Bitcoin ETF managing an impressive $45 billion in assets.
Cameron Winklevoss, co-founder of Gemini, celebrated the moment: “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.”
Over $4.4 billion has flowed into crypto ETFs since November, and companies like MicroStrategy are planning significant investments, including a $42 billion Bitcoin acquisition fund.
Analysts anticipate a booming era for cryptocurrency under Trump’s leadership.
Notably, Trump’s evolving stance on crypto marks a departure from his earlier scepticism during his previous administration.
Trump has pledged to keep “100 percent of the Bitcoin owned or obtained by the U.S. government,” according to CNBC, and he plans to fire SEC Chair Gary Gensler, who is well-known for his stringent regulations on cryptocurrency companies.
