Bitcoin, the world’s largest cryptocurrency, has shattered the $100,000 milestone, sustained by renewed investor confidence under U.S. President-elect Donald Trump’s pro-crypto stance.
The digital asset surged to an all-time high of $103,800 on Thursday, marking a 50% increase since Trump’s election victory in November.
The rally gained momentum after Trump announced Paul Atkins, a known crypto advocate, as his nominee to lead the Securities and Exchange Commission (SEC). Atkins’ appointment signals a potential shift toward a more favorable regulatory environment for digital assets in the U.S.
Adding to the excitement, Trump declared his ambition to make the U.S. “the bitcoin superpower of the world,” a statement that has electrified the crypto market. Howard Lutnick was also nominated for the Commerce Department, while Tesla CEO Elon Musk was humorously named co-leader of the “Department of Government Efficiency” (DOGE), a nod to the popular Dogecoin cryptocurrency, which has surged 150% since the election.
Kris Marszalek, CEO of Crypto.com, described the moment as historic, “Bitcoin reaching $100k is an incredible milestone for our movement. We never doubted. We never wavered. And we will never stop building.”
This bullish sentiment is echoed by Cameron Winklevoss, co-founder of Gemini, “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.”
The milestone comes two years after the cryptocurrency sector faced a sharp downturn following the collapse of FTX and increased regulatory scrutiny, which saw Bitcoin plummet to $16,000. Today, the narrative has flipped, with institutional investments driving the resurgence.
BlackRock’s Bitcoin Exchange-Traded Fund (ETF) now manages $45 billion in assets, and $4.4 billion has poured into crypto ETFs since November. Companies like MicroStrategy have announced plans to raise $42 billion for further Bitcoin investments.
Market analysts are optimistic about the future of cryptocurrencies under Trump’s administration, which they believe will usher in a “golden era” for digital assets. Financial Times noted the stark contrast between the current bull run and the regulatory setbacks of previous years.
Earlier in November, Bitcoin broke the $80,000 barrier, reaching $81,858 amid post-election optimism. Within days, it soared past $90,000, and as of 5:33 a.m. on Thursday, CoinMarketCap recorded Bitcoin trading at $102,724.32, with a 7% increase in the last 24 hours.
In a significant shift from his earlier scepticism toward digital currencies, Trump has pledged to retain “100% of all Bitcoin the U.S. government currently holds or acquires in the future” and vowed to dismiss SEC Chair Gary Gensler, whose tenure has been marked by over 100 regulatory actions against crypto firms.
This pro-crypto pivot, coupled with Trump’s vision of making the U.S. a global leader in digital assets, has further bolstered market confidence.
As institutional funds continue to pour into the crypto market and the Trump administration’s crypto-friendly policies take shape, Bitcoin’s historic surge above $100,000 underscores the growing mainstream acceptance of digital currencies. Analysts predict that this could be the beginning of a transformative era for the global financial ecosystem.
