Bitcoin’s price topped $100,000 for the first time on Thursday amid expectations that Donald Trump will create a friendly regulatory environment for cryptocurrencies during his visit to the White House next year.
The milestone was reached with Trump’s announcement that he would appoint Paul Atkins as chairman of the Securities and Exchange Commission, who is expected to bring about deregulation of the market. The president-elect had promised on the campaign trail to replace outgoing Chairman Gary Gensler, a President Joe Biden appointee whose enforcement efforts led to clashes with Wall Street.
Trump had also vowed at a Bitcoin conference in July in Nashville to create a crypto-friendly government and overhaul U.S. policy, including plans for a new crypto advisory council.
The president-elect celebrated the milestone — and paid tribute — in a post on his Truth Social platform Thursday morning: “CONGRATULATIONS BITCOINERS!!! $100,000!!! WELCOME!!!”
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Bitcoin price chart
Bitcoin has been surging for months
Excitement over a crypto-friendly government has been driving Bitcoin, the world’s largest and best-known cryptocurrency, to the long-awaited milestone of $100,000 for months.
The 16-year-old cryptocurrency is a digital currency and does not rely on banks to verify transactions.
Bitcoin’s value has more than doubled this year and is up over 45% since the US presidential election on November 5th, which also saw a slew of pro-crypto lawmakers elected to Congress. Since Trump’s stunning victory, traders have been betting that Trump’s stated commitment to supporting cryptocurrencies would lead to a less restrictive regulatory environment and provide a boost to the sector overall, Reuters reported.
Trump sought support and campaign contributions from the industry and promised to become a “crypto president” and end Biden’s crackdown on crypto companies that regulators accuse of violating securities and anti-money laundering laws.
The industry is pushing for executive orders guaranteeing crypto companies’ access to banking services, an end to enforcement actions and other changes.
Trump signals support for crypto
The Bitcoin benchmark comes the same week that Trump announced his nomination of Paul Atkins to head the Securities and Exchange Commission.
Atkins, 66, is the CEO and founder of Pomak Global Partners, a financial advisory firm whose clients include cryptocurrency firms and exchanges.
Atkins is known as a pro-business former federal regulator who is friendly to the emerging cryptocurrency industry. He is also well known in Republican business circles and is co-chair of the Digital Chamber’s Token Alliance, which has advocated for Bitcoin and other digital currencies by fighting SEC regulations targeting the industry.
Gensler, who held the post for four years and regularly covered the crypto industry, will step down in January.
Trump himself has dabbled in cryptocurrencies. He released crypto-based digital trading cards – and Trump Media and Technology Group, which runs Truth Social, is reportedly close to acquiring crypto trading firm Bakkt. The Trump family launched their own crypto firm, World Liberty Financial, in September.
Contributors: Nicole Fallert, Joey Garrison, Mike Snider, USA TODAY; Reuters
