Bitcoin has surpassed the $100,000 milestone, driven by a wave of investor confidence sparked by U.S. President-elect Donald Trump’s pro-crypto policy shift.
The cryptocurrency soared to $103,800 on Thursday, marking a remarkable 50% increase since Trump’s election victory in November. The rally was fueled by Trump’s nomination of Paul Atkins, a noted cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC), signaling a more crypto-friendly regulatory approach under the new administration. Trump also declared his ambition to establish the U.S. as “the bitcoin superpower of the world.”
“Bitcoin hitting $100k is a historic moment for our community,” said Kris Marszalek, CEO of Crypto.com. “We believed in this from the start, and we’ll continue building.”
The incoming administration further energized the market with high-profile crypto supporters taking key positions. Howard Lutnick, a blockchain proponent, was nominated to lead the Commerce Department, while Elon Musk was tapped to co-chair the “Department of Government Efficiency” (nicknamed “DOGE” in reference to the Dogecoin cryptocurrency). Following Trump’s victory, Dogecoin has seen a 150% surge.
This resurgence stands in stark contrast to the cryptocurrency market’s struggles two years ago, when Bitcoin fell to $16,000 amid the collapse of FTX and stringent regulatory actions. Now, institutional investors are returning in droves, with BlackRock’s Bitcoin ETF amassing $45 billion in assets, reflecting the sector’s renewed credibility.
Cameron Winklevoss, co-founder of Gemini, captured the sentiment: “This Bitcoin rally is unlike any other. With a pro-tech president-elect, a Republican-controlled Senate and House, and a clear national mandate, the time to build is now.”
Institutional enthusiasm has fueled optimism for what analysts are calling a “golden age” for digital assets. Since Trump’s win, over $4.4 billion has poured into cryptocurrency ETFs, while companies like MicroStrategy are planning to raise $42 billion to invest further in Bitcoin.
Bitcoin’s ascent has been rapid and dramatic. Earlier in November, it broke the $80,000 mark, hitting $81,858 amid post-election euphoria. It quickly surpassed $90,000 before crossing the $100,000 threshold this week.
As of Thursday morning, CoinMarketCap data showed Bitcoin trading at $102,724.32, up 7% in the last 24 hours.
Trump’s embrace of cryptocurrency marks a significant shift from his earlier skepticism. His previous administration oversaw intense scrutiny of the crypto sector. However, Trump has now pledged to remove SEC Chair Gary Gensler, whose tenure saw over 100 enforcement actions against crypto firms, and vowed to retain all Bitcoin currently held or acquired by the U.S. government.