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Bitcoin Price Today: Bitcoin on Tuesday crossed $100,000 after US President-Elect Donald Trump has named pro-crypto lawyer Paul Atkins to head the US Securities and Exchange Commission.
Bitcoin Price Today.
Bitcoin on Thursday crossed $100,000 after US President-Elect Donald Trump has named pro-crypto lawyer Paul Atkins to head the US Securities and Exchange Commission.
“Bitcoin has reached the historic $100,000 milestone, just a month after Donald Trump’s election as the 47th US President. Key developments, including Elon Musk heading the newly established Department of Government Efficiency, plans for a dedicated White House crypto policy role, and Trump’s appointment of Paul Atkins as SEC Chair, have fuelled this remarkable rally towards this mark,” said Edul Patel, CEO and co-founder of Mudrex.
Institutional confidence is continuing to grow, with Bitcoin ETFs adding $676 million in a single day. This milestone is also expected to attract more retail investors, pushing crypto further into becoming a mainstream asset. With Trump’s pro-crypto agenda and Atkins’ leadership, the market is bound for friendlier reforms and wider adoption, setting Bitcoin on track to reach $120,000 in the coming weeks, Patel added.
Atkins, a crypto advocate and former SEC commissioner, is expected to regulate cryptocurrency with a lighter touch than Gary Gensler, who leads the commission under the Biden administration. Gensler, who aggressively fought the industry’s expansion in the US, is set to resign on Inauguration Day.
Bitcoin touched $100,000 just hours after Atkins was announced as Trump’s choice for SEC chair.
The new milestone builds on the stunning rally set in motion since Trump was projected to win the presidency on November 6, which fueled a $6,000 one-day spike in bitcoin that brought it to a new record above $74,000. A week later, it hit $90,000.
Bitcoin is up 130% for the year so far, with the post-election rally accounting for a significant portion of its gains. Its performance far outpaces the S&P 500, which is up 28% over the same period.
Trump, once a crypto skeptic, had called it “not money,” labeling it “highly volatile and based on thin air.” But he took a 180-turn in the months leading up to his reelection as he sought to attract younger male voters, who tend to own more crypto compared to other demographic groups.
In July, Trump headlined the largest crypto convention in Nashville, where he vowed to create a “strategic national bitcoin stockpile” and to hold on to bitcoin the government seizes from criminals rather than auctioning it off, which is the current practice.
“If crypto is going to define the future, I want it to be mined, minted and made in the USA,” Trump said.
Then in September, Trump launched his own cryptocurrency business called World Liberty Financial.
That month, he also purchased burgers from a Manhattan bar frequented by crypto enthusiasts using bitcoin. “History in the making,” he declared.
Additionally, Trump’s media company, which owns Truth Social, is reportedly in talks to buy crypto trading forum Bakkt, according to the Financial Times.
“If you like bitcoin at $100,000, you’re going to love it at $1 million,” Anthony Pompliano, a well-known crypto supporter and founder and CEO of Professional Capital Management, an investment firm, said in a post on X Wednesday night.
(With Inputs from Agencies)
