Catenaa, Friday, December 06, 2024- Bitcoin surged past $100,000 for the first time late Wednesday, hitting a new record just hours after President-elect Donald Trump named Paul Atkins, a crypto advocate, as his choice to lead the Securities and Exchange Commission (SEC).
Bitcoin’s surge to $100,000 follows a rally that began after Trump’s election victory was projected on November 6, fueling a series of record-breaking price spikes.
By Thursday morning, the cryptocurrency had risen to over $103,000. The surge has been driven by growing optimism about crypto-friendly policies under Trump, who previously criticized bitcoin but has since embraced it in an effort to attract younger voters.
Trump’s new stance on crypto includes support for a “strategic national bitcoin stockpile” and plans to keep bitcoin seized from criminals instead of auctioning it off.
In September, he launched his own cryptocurrency business and purchased food using bitcoin in a gesture aimed at crypto enthusiasts.
The cryptocurrency industry, which backed Trump during the election cycle, is now hoping for a shift in US policy that favors crypto innovation and growth.
Along with Atkins, Trump has nominated Cantor Fitzgerald CEO Howard Lutnick, another crypto supporter, and is considering creating a dedicated White House role for crypto policy.
However, not all financial regulators share this enthusiasm, with Federal Reserve Chair Jerome Powell describing bitcoin as a speculative asset akin to gold.
