Bitcoin has reached a historic milestone, hitting $100,000 for the first time on Wednesday, marking an all-time high for the leading cryptocurrency.
This surge in price is largely attributed to the expectations of crypto-friendly policies under the incoming administration of U.S. President-elect Donald Trump, who has made significant moves to support the digital asset industry.
The price spike followed Trump’s announcement of key appointments, particularly his nomination of Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner and crypto advocate, is expected to take a more lenient approach to cryptocurrency regulation than the current SEC chair, Gary Gensler, who has been critical of the industry.
Bitcoin’s record-breaking surge comes on the heels of a post-election rally, which saw the cryptocurrency jump $6,000 in a single day after Trump was projected to win the presidency.
This rally continued into November, pushing Bitcoin to new highs of $90,000 before reaching the landmark $100,000.
The cryptocurrency has now risen 130% this year, far outpacing the S&P 500, which has gained just 28% over the same period.
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Bitcoin’s strong performance is seen as a reflection of growing investor confidence in the crypto market, particularly as Trump, once a critic of Bitcoin, has shifted his stance.
In recent months, he has become a vocal proponent of crypto, even headlining a major crypto conference and launching his own cryptocurrency venture, World Liberty Financial.
Trump’s support has also extended to the broader crypto ecosystem, with reports indicating that his media company, Truth Social, is in discussions to acquire crypto trading platform Bakkt.
Meanwhile, his campaign raised millions in crypto donations and the crypto industry threw its weight behind his pro-crypto stance during the election.
The nomination of Atkins and other crypto-friendly moves signal a new era of regulatory clarity for Bitcoin and the broader digital asset market.
As the industry anticipates more favorable policies, experts like Anthony Pompliano predict even greater gains for Bitcoin in the future, with some speculating that the cryptocurrency could one day hit $1 million.
