The price of Bitcoin has shattered records, climbing beyond $100,000 for the first time on Thursday. The milestone follows growing anticipation of a crypto-friendly regulatory environment under President-elect Donald Trump, who is set to assume office next year.
This historic surge was fueled by Trump’s announcement of his nomination of Paul Atkins to chair the Securities and Exchange Commission (SEC). Atkins, a well-known advocate for deregulation, is expected to usher in significant changes to U.S. cryptocurrency policy. Trump had previously vowed to overhaul crypto regulations during his campaign, emphasizing his intent to replace outgoing SEC Chairman Gary Gensler. Gensler, a Biden appointee, faced repeated clashes with Wall Street due to his strict enforcement stance.
Trump took to his Truth Social platform to celebrate the achievement, posting, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!” The post underlined the president-elect’s confidence in his administration’s impact on the digital currency’s historic climb.
Bitcoin, now 16 years old, operates independently of traditional banks, relying instead on decentralized blockchain technology to verify transactions. The cryptocurrency has seen an astonishing 45% surge since Trump’s November 5 election victory, driven by traders’ optimism about the incoming administration’s policies.
Trump has long been a vocal supporter of the crypto sector, famously pledging during a Bitcoin conference in Nashville to become the “crypto president.” He outlined plans for establishing a crypto advisory council and ending what he characterized as Biden-era crackdowns on digital assets.
The industry has responded with enthusiasm, hoping for executive orders that guarantee access to banking services for crypto firms, halt regulatory enforcement actions, and promote a more favorable operating environment.
Atkins, Trump’s SEC pick, is widely regarded as a pro-business figure with deep ties to the crypto industry. As CEO and founder of Patomak Global Partners, Atkins has worked closely with cryptocurrency firms and exchanges. He also co-chairs the Digital Chamber’s Token Alliance, which has consistently advocated for Bitcoin and other digital currencies by challenging SEC regulations seen as restrictive.
Trump’s close ties to cryptocurrency extend beyond policy. The former president has launched crypto-based digital trading cards and introduced World Liberty Financial, a Trump family-backed cryptocurrency firm. His media company, Trump Media and Technology Group, is reportedly nearing the acquisition of Bakkt, a crypto trading platform.
As the cryptocurrency sector celebrates Bitcoin’s remarkable climb, all eyes remain on Trump’s upcoming administration. With promises of a regulatory overhaul, traders and crypto enthusiasts are optimistic about the potential for further market expansion under his leadership.
