#2024WithBinance
Bitcoin hit $100,000 for the first time on Wednesday, a remarkable milestone for a cryptocurrency created over 15 years ago from what was essentially computer coding created under mysterious circumstances.
The surge has been nothing short of spectacular. The value of bitcoin has more than doubled this year, turbocharged by the election of Donald Trump.
It's easy to see why. Trump has promised to make the U.S. "the crypto capital of the planet" by bringing in friendly regulators and ending the tough enforcement actions taken against the sector under President Joe Biden.
In fact, bitcoin hit the $100,000 milestone after Trump picked crypto supporter Paul Atkins as the next chair of the Securities and Exchange Commission earlier in the day, raising hope for a more friendly Wall Street cop for the industry.
Trump has also proposed a crypto "strategic reserve," potentially turning the country into a direct investor of cryptocurrencies. His family even has financial interests in a crypto venture.
Crypto investors may be cheering Trump on — but critics are raising alarms.
Cryptocurrencies have long had a history of fraud and scams, as the 2022 collapse of crypto exchange FTX made clear. And they have been notoriously volatile. Some critics believe they could even pose a risk to the country's financial system.
