Bitcoin has surpassed the $100,000 mark, riding a surge of investor confidence fueled by US President-elect Donald Trump’s pro-crypto stance.
The world’s largest cryptocurrency rose to $103,800 on Thursday, representing a 50% increase since Trump’s November election victory.
The rally gained momentum after Trump named cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission (SEC), indicating a shift toward a more favorable regulatory environment.
Atkins’ appointment and Trump’s promise to make the United States “the bitcoin superpower of the world” energized the market.
“Bitcoin reaching $100k is an incredible milestone for our movement,” stated Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we won’t stop building.
Trump’s crypto-friendly administration has also tapped Howard Lutnick for the Commerce Department and Elon Musk to co-lead the “Department of Government Efficiency,” humorously dubbed “DOGE” after the popular cryptocurrency Dogecoin, which has soared 150 percent since election day.
According to Financial Times on Thursday, this surge starkly contrasts the sector’s downturn two years ago, when the collapse of FTX and regulatory crackdowns sent Bitcoin plummeting to $16,000.
Now, institutional money is flowing in, with BlackRock’s Bitcoin ETF alone managing $45 billion in assets.
Cameron Winklevoss, co-founder of Gemini, summed up the sentiment: “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 pouring into crypto ETFs since November, and companies like MicroStrategy planning to raise $42 billion for further Bitcoin investments, analysts predict a “golden era” for digital assets under the incoming administration.
Earlier in the first weeks of November, PUNCH Online reported Bitcoin smashed through the $80,000 milestone, reaching an all-time high of $81,858 amid post-election optimism in the US, as pro-crypto policies appear more likely under Trump.
Barely three days after, the world’s largest cryptocurrency reached a record high above $90,000.
