Bitcoin Hits $100,000 for the First Time Amid Optimism Over Donald Trump’s Crypto Plans
Bitcoin Hits $100,000 for the First Time Amid Optimism Over Donald Trump’s Crypto Plans
Bitcoin’s surge follows Trump’s victory and the nomination of Paul Atkins, signaling optimism for a cryptocurrency-friendly regulatory environment.
Bitcoin reached a new milestone, surpassing $100,000 for the first time on Thursday, as the cryptocurrency market reacts positively to the election of Republican Donald Trump and his selection of crypto advocate Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). Bitcoin’s value has more than doubled this year, showing a 45% increase in just the past four weeks since Trump’s electoral win, which has also seen several cryptocurrency-supporting legislators enter Congress.
As of 02:40 GMT, Bitcoin traded at $100,027, a 2.2% increase from the previous session, reaching a peak of $100,277. Cryptocurrency investors are optimistic about reduced regulatory scrutiny following the resignation of SEC Chair Gary Gensler, whose departure coincides with Trump’s inauguration in January 2025.
Trump’s nomination of Paul Atkins, former SEC commissioner, to lead the agency has further fueled market optimism. Atkins, known for his crypto-friendly stance, previously co-chaired the Token Alliance, which focuses on developing best practices for digital assets. He also played a role in the Chamber of Digital Commerce. Trump praised Atkins for his pragmatic approach to regulations, emphasizing his commitment to reducing excessive market oversight.
During his campaign, Trump voiced strong support for digital assets, pledging to make the U.S. the “crypto capital of the planet” and to build a national Bitcoin reserve. Following the nomination, Trump reaffirmed his belief in the potential of digital assets, noting their importance to a stronger U.S. economy.
The rise in Bitcoin’s value also comes amid growing institutional interest and increasing advancements in tokenization. “We’re witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, CEO of Galaxy Digital, a U.S.-based cryptocurrency company.
Bitcoin’s rise is also seen as a sign of broader adoption, with growing institutional investment, the success of U.S.-listed Bitcoin exchange-traded funds (ETFs), and a clearer regulatory path. The launch of Bitcoin ETFs earlier this year has contributed to Bitcoin’s recovery from its decline below $16,000 in late 2022, attracting over $4 billion in investments since the election.
As Bitcoin pushes past the $100,000 mark, cryptocurrency firms such as Ripple, Kraken, and Circle are positioning themselves to join Trump’s proposed crypto advisory council, which is expected to play a key role in shaping U.S. cryptocurrency policy. Trump’s involvement in the cryptocurrency sector also extends to his commercial ventures, including his recent launch of World Liberty Financial, a crypto trading venture.
The market’s positive sentiment is also bolstered by other prominent figures like Tesla CEO Elon Musk, a strong supporter of cryptocurrencies and a Trump ally. Despite previous regulatory hurdles and concerns over cryptocurrency’s environmental impact, the future of Bitcoin and digital assets looks promising under a pro-crypto administration.
The surge in Bitcoin’s value is a testament to the shifting tides in finance and technology, with experts predicting further gains in the coming months. Steven McClurg, founder of Canary Capital, expects Bitcoin’s price to reach $120,000 by Christmas.
However, the cryptocurrency sector remains under scrutiny, especially following the collapse of the FTX crypto exchange and concerns over market volatility. As the digital asset landscape evolves, investors and regulators alike will continue to monitor the situation closely.
