Bitcoin surged past the $100,000 mark for the first time on Thursday, buoyed by optimism over President Donald Trump’s appointment of a cryptocurrency advocate, Paul Atkins, to head the U.S. Securities and Exchange Commission (SEC).
The cryptocurrency reached a high of $103,800 before settling slightly below $103,000 in the afternoon. This milestone follows a meteoric rise of over 50% since Trump’s November 5 election victory and a 140% increase since the start of the year.
Trump’s campaign promises to make the U.S. the “bitcoin and cryptocurrency capital of the world” have reignited investor confidence. His nomination of Atkins, a prominent crypto supporter and former SEC commissioner, has further fueled enthusiasm.
In a statement, Trump lauded Atkins as a leader committed to “robust, innovative” markets. He emphasized, “Paul recognizes that digital assets are crucial to making America greater than ever before.”
Atkins, known for his conservative stance on regulation, co-chaired the Digital Chamber of Commerce, which promotes digital asset use. He replaces Gary Gensler, who had tightened oversight of the cryptocurrency sector after a 2022 market crash.
“This strategic move electrifies the crypto community, signaling a shift towards a more lenient regulatory framework,” noted Stephen Innes, an analyst at SPI Asset Management.
Investors anticipate a wave of crypto-friendly measures under Atkins’ leadership, including the possibility of a U.S. strategic bitcoin reserve. Analysts believe this could legitimize cryptocurrencies globally.
“Relaxed regulations are fueling hopes of deeper integration of cryptocurrencies into the U.S. economy,” said Samer Hasn of XS.com.
Despite his earlier criticism of cryptocurrencies, Trump has emerged as a vocal supporter, even announcing plans for a digital currency platform, World Liberty Financial. His close ties with Elon Musk, who has championed his agenda on social media, further highlight the administration’s embrace of digital assets.
While Bitcoin continues to gain mainstream acceptance, concerns linger about its use in illegal activities and its volatile nature. However, its rise to prominence, including adoption as legal tender in El Salvador, signals growing acceptance in global financial systems.
As the cryptocurrency market evolves, the U.S.’s regulatory stance will likely play a critical role in shaping its future trajectory. Bitcoin Hits $100,000 Milestone, Traders Celebrate Trump’s Pro-Crypto Agenda
Bitcoin surged past the $100,000 mark for the first time on Thursday, buoyed by optimism over President Donald Trump’s appointment of a cryptocurrency advocate, Paul Atkins, to head the U.S. Securities and Exchange Commission (SEC).
The cryptocurrency reached a high of $103,800 before settling slightly below $103,000 in the afternoon. This milestone follows a meteoric rise of over 50% since Trump’s November 5 election victory and a 140% increase since the start of the year.
Trump’s campaign promises to make the U.S. the “bitcoin and cryptocurrency capital of the world” have reignited investor confidence. His nomination of Atkins, a prominent crypto supporter and former SEC commissioner, has further fueled enthusiasm.
In a statement, Trump lauded Atkins as a leader committed to “robust, innovative” markets. He emphasized, “Paul recognizes that digital assets are crucial to making America greater than ever before.”
Atkins, known for his conservative stance on regulation, co-chaired the Digital Chamber of Commerce, which promotes digital asset use. He replaces Gary Gensler, who had tightened oversight of the cryptocurrency sector after a 2022 market crash.
“This strategic move electrifies the crypto community, signaling a shift towards a more lenient regulatory framework,” noted Stephen Innes, an analyst at SPI Asset Management.
Investors anticipate a wave of crypto-friendly measures under Atkins’ leadership, including the possibility of a U.S. strategic bitcoin reserve. Analysts believe this could legitimize cryptocurrencies globally.
“Relaxed regulations are fueling hopes of deeper integration of cryptocurrencies into the U.S. economy,” said Samer Hasn of XS.com.
Despite his earlier criticism of cryptocurrencies, Trump has emerged as a vocal supporter, even announcing plans for a digital currency platform, World Liberty Financial. His close ties with Elon Musk, who has championed his agenda on social media, further highlight the administration’s embrace of digital assets.
While Bitcoin continues to gain mainstream acceptance, concerns linger about its use in illegal activities and its volatile nature. However, its rise to prominence, including adoption as legal tender in El Salvador, signals growing acceptance in global financial systems.
