Bitcoin has broken the $100,000 barrier, fueled by renewed confidence in the cryptocurrency market following U.S. president-elect Donald Trump’s pro-crypto stance. On Thursday, Bitcoin reached $103,800, marking a significant 50% increase since Trump’s election victory in November.
The cryptocurrency’s rise comes amid optimism over Trump’s recent decisions, including the nomination of Paul Atkins, a known crypto advocate, to head the Securities and Exchange Commission (SEC). This move suggests a more crypto-friendly regulatory approach under the new administration.
President-elect Trump has also promised to establish the United States as the global leader in cryptocurrency. “Bitcoin reaching $100k is an incredible milestone for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we will never stop building.”
In addition, Trump has appointed Howard Lutnick to the Commerce Department and tapped Elon Musk to co-lead the newly established “Department of Government Efficiency,” humorously abbreviated as “DOGE,” referencing the popular Dogecoin. Following these announcements, Dogecoin has surged 150% since the election.
Bitcoin’s recent climb is a sharp contrast to its $16,000 low two years ago, caused by the FTX collapse and regulatory challenges. Now, institutional investors are returning, with BlackRock’s Bitcoin ETF managing $45 billion in assets. Cameron Winklevoss, co-founder of Gemini, remarked, “This bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”
With over $4.4 billion invested in crypto ETFs since November, and companies like MicroStrategy raising billions for Bitcoin investments, experts predict a bright future for digital currencies under the incoming administration.
