Paul Atkins Tapped to Lead SEC as Bitcoin Surges Past $100,000
Cryptocurrency enthusiasts are bracing for what they hope will be a transformative era for digital assets, spurred by the election of President-elect Donald Trump. Bitcoin, the world’s largest cryptocurrency, recently crossed the $100,000 mark for the first time, doubling its value in 2024 and trading around $94,448 as of late December. Other tokens, including Ethereum and Solana, have also seen significant gains.
At the heart of the optimism is Trump’s pledge to make the United States the “crypto capital of the planet.”
Trump’s Vision for Crypto
Donald Trump has emerged as a vocal advocate for cryptocurrencies, a stark contrast to his earlier skepticism when he described Bitcoin as a “scam against the dollar.” On the campaign trail, he promised to develop regulatory frameworks treating cryptocurrencies differently from traditional financial assets, such as stocks and bonds. He also proposed establishing a national strategic Bitcoin reserve to stabilize and legitimize the digital currency market.
“We’re going to do something great with crypto,” Trump said during a CNBC interview after ringing the opening bell at the New York Stock Exchange in December. “Others are embracing it, and we want to be ahead.”
Trump’s newfound support for digital assets has deepened since his 2022 launch of a non-fungible token (NFT) project. His initiatives include the creation of the Department of Government Efficiency (DOGE), led by tech mogul Elon Musk and biotech entrepreneur Vivek Ramaswamy.
Crypto Allies in High Places
The incoming administration is set to feature a roster of crypto-friendly figures in key government roles. Paul Atkins, a lawyer known for his favorable stance on digital currencies, will head the Securities and Exchange Commission (SEC), succeeding Gary Gensler, who has led numerous lawsuits against crypto exchanges.
Other notable appointments include Howard Lutnick, CEO of Cantor Fitzgerald, as Commerce Secretary, and venture capitalist David Sacks as the new White House AI and Crypto Czar.
These appointments, along with Musk’s involvement, signal a potential shift toward more crypto-friendly policies in Washington.
Wall Street Joins the Crypto Craze
Wall Street heavyweights are taking note. BlackRock, led by CEO Larry Fink, who once criticized digital currencies, launched the iShares Bitcoin Trust ETF in January. The ETF allows investors to purchase Bitcoin as easily as stocks, and its options debuted in November.
Similarly, Goldman Sachs reported holding over $700 million in crypto ETFs, and Charles Schwab is exploring spot trading for cryptocurrencies like Bitcoin and Ethereum, pending regulatory developments.
What Lies Ahead for Bitcoin?
Despite the optimism, market analysts warn of potential volatility. Alex Thorn, head of research at Galaxy Digital, noted, “The market believes there is a large pile of catalysts on the horizon. However, we don’t have any of them yet.”
Bitcoin’s rise to $100,000 seemed unimaginable just two years ago when it plummeted to $16,000 following the collapse of FTX. Still, some analysts predict even greater milestones, with Thorn projecting Bitcoin could reach $200,000 by the end of 2025.
As traders pile into exchange-traded funds and prepare for a potentially historic bull run, the crypto community is watching closely to see how Trump’s policies unfold.
For now, optimism reigns supreme, fueled by a belief that the new administration could mark the dawn of a new era for digital currencies.
