Bitcoin has shattered the $100,000 milestone, buoyed by renewed investor confidence following U.S. president-elect Donald Trump’s outspoken support for cryptocurrency.
The world’s largest cryptocurrency climbed as high as $103,800 on Thursday, representing a staggering 50% increase since Trump’s election victory in November.
The surge gained momentum after Trump announced the nomination of crypto advocate Paul Atkins as head of the Securities and Exchange Commission (SEC), a move widely seen as heralding a more crypto-friendly regulatory landscape.
Atkins’ appointment, coupled with Trump’s pledge to transform the United States into “the bitcoin superpower of the world,” has fueled market optimism.
“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 a further nod to the cryptocurrency community, Trump’s administration has appointed Howard Lutnick to lead the Commerce Department and tapped Elon Musk to co-chair a newly created “Department of Government Efficiency,” humorously abbreviated as “DOGE” after the popular cryptocurrency Dogecoin. Dogecoin itself has skyrocketed by 150% since the election.
This latest rally marks a stark contrast to the crypto market’s slump two years ago, when events such as the collapse of FTX and regulatory crackdowns pushed Bitcoin to lows of $16,000.
Today, institutional interest is at an all-time high. BlackRock’s Bitcoin ETF, managing $45 billion in assets, highlights the sector’s growing mainstream appeal.
“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.”
Data from Financial Times indicates that over $4.4 billion has flowed into crypto-focused ETFs since November, while corporations like MicroStrategy are preparing to raise $42 billion for additional Bitcoin acquisitions. Analysts predict the beginning of a “golden era” for digital assets under Trump’s leadership.
Trump’s latest stance marks a dramatic shift from his earlier administration, which was skeptical of digital currencies. Now, the president-elect has pledged to retain “100% of all the Bitcoin the U.S. government currently holds or acquires in the future” and promised to remove SEC Chair Gary Gensler, whose tenure has been marked by aggressive regulatory actions against crypto firms.
Bitcoin’s upward trajectory this month has been remarkable. PUNCH Online reported that in early November, the cryptocurrency surpassed $80,000, reaching an all-time high of $81,858, followed just days later by a new peak above $90,000.
As of 5:33 AM Thursday, data from CoinMarketCap placed Bitcoin at $102,724.32, reflecting a 7% increase in the past 24 hours.
With Trump’s pro-crypto rhetoric and strategic appointments, market analysts and enthusiasts alike anticipate a new era of innovation and growth for the cryptocurrency sector.
