Bitcoin surged past $100,000 following Donald Trump's presidential victory, fueled by optimism for crypto-friendly regulations. Trump's pro-crypto stance, including plans for a national Bitcoin reserve and a crypto advisory council, has boosted market confidence. Institutional adoption and ETF approvals further propelled Bitcoin's recovery from its 2022 lows.#BTC100K! #CryptoHistoricMoment #CryptoZombieUprising #Share1BNBDaily $BTC
Bitcoin surpassed $100,000 for the first time on Thursday, following Republican Donald Trump's presidential victory in the United States, creating optimism for a cryptocurrency-friendly regulatory framework.
The cryptocurrency's value has doubled this year, showing a 45% increase in the four weeks since Trump's electoral victory, which also resulted in several cryptocurrency-supporting legislators entering Congress.
As of 02.40 GMT, Bitcoin traded at $100,027, showing a 2.2% increase from the previous session, after reaching a peak of $100,277.
Cryptocurrency investors anticipate reduced scrutiny following the departure of US Securities and Exchange Commission Chair Gary Gensler, who announced his January resignation coinciding with Trump's inauguration.
Meanwhile, Trump has announced on Wednesday his nomination of Paul Atkins for Securities and Exchange Commission leadership. Atkins, previously an SEC commissioner, has cryptocurrency policy experience as co-chair of the Token Alliance, which aims to "develop best practices for digital asset issuances and trading platforms," and the Chamber of Digital Commerce.
Atkins, who currently serves as the CEO of Patomak Partners was praised by Trump for his pragmatic approach to regulations and since his departure from the SEC, he has consistently advocated against excessive market oversight.
Trump, during his campaign, showed support for digital assets, pledging to establish the United States as the "crypto capital of the planet" and build a national Bitcoin reserve.
"He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," Trump said on Truth Social after announcing the nomination.
Meanwhile, experts expressed optimism and said that digital assets are on the verge of mainstream adoption, driven by institutional interest, tokenization advancements, and regulatory clarity.
"We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream," said Mike Novogratz, founder and CEO of US cryptocurrency company Galaxy Digital.
"This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path," he added.
Justin D'Anethan, a Hong Kong-based independent cryptocurrency analyst, said, "Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics. The figure not that long ago dismissed as fantasy, stands as a reality."
Additionally, various cryptocurrency firms including Ripple, Kraken and Circle are competing to participate in Trump's proposed crypto advisory council, aiming to influence potential US policy reforms, as confirmed by several digital asset industry leaders.
Trump's in September launched World Liberty Financial, a crypto venture, indicating his commercial interests may extend to cryptocurrency. Despite limited information about the enterprise, his involvement has generated positive market sentiment.
According to the Financial Times' report last week, citing two informed sources, Trump's social media organisation is negotiating to acquire crypto trading company Bakkt.
The Financial Times indicates that Trump Media and Technology Group, which manages Truth Social, is finalising an all-stock purchase of Bakkt.
Tesla CEO and billionaire Elon Musk, who maintains strong ties with Trump, also supports cryptocurrencies.
Bitcoin has experienced swift recovery from its decline below $16,000 in late 2022, strengthened by January's authorisation of US-listed bitcoin exchange-traded funds.
Although the Securities and Exchange Commission previously resisted bitcoin ETFs due to investor safety concerns, these financial products now enable broader participation, including institutional investors.
