Bitcoin Smashes $100,000 as Trump Claims Victory for the Milestone
Hours after nominating pro-cryptocurrency businessman Paul Atkins to lead the Securities and Exchange Commission (SEC), President-elect Donald Trump celebrated Bitcoin’s new milestone on his platform Truth Social:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Bitcoin’s price shattered the $100,000 barrier on 5 December, marking a historic moment in the cryptocurrency world.
This milestone has ignited fresh excitement in the cryptocurrency world.
The rise comes as Trump continues to align his incoming administration with the digital asset industry, making a series of moves that crypto enthusiasts are hailing as a new era of collaboration.
The cryptocurrency’s value climbed to over $103,000 on 5 December, marking a 47% increase over the past 30 days.
Pro-Crypto Appointments Spark Optimism
Trump’s recent announcement of Paul Atkins as his nominee for SEC Chair has been widely interpreted as a positive signal for the cryptocurrency industry.
Atkins, a former SEC Commissioner, is known for advocating innovation within financial markets.
Trump described him as someone who “recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Paul Atkins
The president-elect has also appointed Scott Bessent, another crypto enthusiast, to head the Treasury Department.
These new nominations are seen as a clear departure from the regulatory stance of outgoing SEC Chair Gary Gensler.
Gensler’s tenure was marked by frequent clashes with the crypto sector, a history that Trump has vowed to change.
Reports suggest his administration is exploring the creation of a “crypto czar” role, dedicated to overseeing digital currency policies.
These moves have been met with enthusiasm among crypto investors, who are hopeful for constructive engagement between regulators and the industry.
Promises and Policies Driving Market Sentiment
Trump’s relationship with cryptocurrency has shifted significantly.
Once dismissing it as a “scam,” he now aims to establish the United States as the global hub for digital assets.
His earlier pledge to make the U.S. the “crypto capital of the planet” has resonated strongly with investors, fuelling optimism about the future regulatory landscape.
JUST IN: 🇺🇸 Donald Trump says, “The United States will be the crypto capital of the planet and the #Bitcoin superpower of the World.”
pic.twitter.com/5CNHY8hhQE
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024
The Bitcoin community first saw evidence of this commitment at the Bitcoin 2024 conference in Nashville, where Trump outlined his vision for a crypto-friendly America.
During his speech, he promised to fire Gary Gensler, pardon Ross Ulbricht—the founder of the Silk Road marketplace—and create a U.S.-based Bitcoin reserve.
Trump stated in July:
“If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”
Market Reactions Highlight Investor Confidence
Since Trump’s election victory in November, Bitcoin’s price has been on a steady upward trajectory.
The digital currency spiked 8% the day after the election, catalysing weeks of growth that culminated in the $100,000 milestone.
Investors see the appointments of Atkins and Bessent as pivotal steps towards constructive engagement with the crypto industry, contrasting sharply with what one industry insider described as “little to no productive engagement” over the past four years.
Trump’s Crypto Platform Adds to Momentum
Adding to the excitement, Trump and his sons earlier this year launched their own cryptocurrency platform, “World Liberty Financial.”
While details of its operations remain sparse, the move has further cemented the President-elect’s ties to the sector.
The combination of pro-crypto appointments, ambitious promises, and Trump’s newfound enthusiasm for digital assets has created a sense of optimism within the market.
For many, the $100,000 Bitcoin milestone is not just a symbolic victory but a sign of what might be possible under the upcoming Trump administration, set to take office on 20 January 2025.
