Bitcoin has skyrocketed past the $100,000 mark, reaching an all-time high of $103,800, driven by growing investor confidence sparked by U.S. president-elect Donald Trump’s newly embraced pro-crypto stance. The cryptocurrency’s remarkable rally has seen a 50% surge since Trump’s election win in November.
The surge accelerated after Trump nominated Paul Atkins, a prominent crypto advocate, to lead the U.S. Securities and Exchange Commission (SEC). Atkins’ appointment signals a shift towards a more crypto-friendly regulatory environment, which has excited investors and market participants alike.
In a statement, Kris Marszalek, CEO of Crypto.com, remarked, “Bitcoin reaching $100k is an incredible milestone for our movement. We never doubted. We never wavered. And we will never stop building.”
The optimism surrounding the cryptocurrency market extends beyond Bitcoin. Trump’s administration has also tapped high-profile crypto supporters for key positions, including Howard Lutnick for the Commerce Department and Elon Musk, who has been appointed to co-lead the “Department of Government Efficiency”—playfully dubbed “DOGE” after the popular Dogecoin, which has seen a 150% increase since the election.
This sharp rise in Bitcoin’s price stands in stark contrast to the sector’s struggles two years ago. The collapse of FTX and regulatory crackdowns had driven Bitcoin’s price down to as low as $16,000. Now, however, institutional money is flowing back into the market, with major players like BlackRock’s Bitcoin ETF managing over $45 billion in assets.
“This bitcoin bull run is different,” said Cameron Winklevoss, co-founder of Gemini.
“We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”
Since November, over $4.4 billion has poured into cryptocurrency ETFs, and companies like MicroStrategy are planning to raise $42 billion to further invest in Bitcoin. Analysts are predicting a “golden era” for digital assets under Trump’s administration.
Earlier in November, Bitcoin had already broken the $80,000 barrier, hitting an all-time high of $81,858 amidst post-election optimism in the U.S. By early December, it had surpassed $90,000, with the coin currently standing at $102,724.32 on CoinMarketCap, showing a 7% increase in the last 24 hours.
Trump’s pivot to embrace cryptocurrency marks a significant departure from the skepticism shown during his previous administration. The president-elect has committed to making the U.S. the “crypto capital of the planet” and has even promised to retain “100% of all the Bitcoin the US government currently holds or acquires in the future.”
Additionally, he has vowed to dismiss SEC Chairman Gary Gensler, whose tenure saw over 100 regulatory actions against crypto firms.
As Bitcoin continues to reach new heights, the market is watching closely to see how Trump’s pro-crypto policies will further reshape the landscape of digital currencies.
