Bitcoin surged past $100,000 for the first time late Wednesday, hitting a new all-time high just hours after President-elect Donald Trump announced his pick for the next Securities and Exchange Commission (SEC) chair. The appointment of Paul Atkins, a pro-cryptocurrency advocate, is seen as a major step toward a more crypto-friendly regulatory environment when Trump takes office in January.
Bitcoin Hits $100,000 as Trump Nominates Pro-Crypto SEC Chair
Bitcoin’s meteoric rise to over $100,000 follows Trump’s selection of Paul Atkins to lead the SEC. Atkins, a former SEC commissioner and vocal supporter of cryptocurrency, is expected to adopt a more lenient stance on crypto regulation than the current SEC chair, Gary Gensler, who has been an outspoken critic of the industry. Gensler, known for his aggressive regulatory approach, is set to step down on Inauguration Day, paving the way for Atkins’ leadership.
The announcement of Atkins’ nomination sent Bitcoin skyrocketing, with the cryptocurrency topping $103,000 by Thursday morning. This new milestone adds to the significant rally Bitcoin has seen since Trump’s projected election victory on November 6, which triggered a $6,000 surge in the price of Bitcoin, propelling it above $74,000. Just a week later, Bitcoin reached $90,000.
Trump’s Crypto Turnaround Fuels Market Optimism
In a post on Truth Social Thursday morning, Trump congratulated Bitcoin enthusiasts, saying, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!” Bitcoin’s surge this year has been remarkable, with the cryptocurrency up more than 130%, significantly outpacing the 28% gain of the S&P 500 during the same period.
Trump’s pro-crypto stance marks a notable shift from his previous skepticism about digital assets. As a candidate in 2019, Trump dismissed Bitcoin, calling it “not money” and “highly volatile.” However, in the lead-up to his reelection, Trump rebranded his views on crypto, recognizing its growing popularity, particularly among younger, tech-savvy voters.
Trump’s Crypto-Friendly Moves
Trump’s increasing support for cryptocurrency is not limited to regulatory changes. In July, he headlined the largest cryptocurrency convention in Nashville, where he announced plans to create a “strategic national bitcoin stockpile” and suggested the U.S. government should hold onto Bitcoin seized from criminals, rather than auctioning it off as is currently done. He also expressed a desire to see crypto “mined, minted, and made in the USA.”
In September, Trump launched his own cryptocurrency venture, World Liberty Financial, and made headlines when he used Bitcoin to purchase food at a Manhattan bar popular among crypto enthusiasts. “History in the making,” Trump said after the purchase.
Additionally, Trump’s media company, which owns Truth Social, is reportedly in talks to acquire crypto trading platform Bakkt, according to the Financial Times.
Crypto Industry’s Support for Trump
The cryptocurrency industry has strongly backed Trump and the Republican Party in the 2024 election cycle, with leading super PACs donating over $131 million to pro-crypto candidates. The Trump campaign, which began accepting crypto donations in May, raised millions from the crypto community.
Now, that same community is anticipating a shift in U.S. policy towards more crypto-friendly regulations under Trump’s leadership. With Atkins nominated for SEC chair and other pro-crypto figures, including Cantor Fitzgerald CEO Howard Lutnick, joining his administration, the Trump team is expected to usher in a new era for digital assets.
Trump is also considering creating a dedicated White House position focused solely on cryptocurrency policy, Bloomberg reported.
Challenges Ahead: The Divide on Crypto Regulation
Despite the growing influence of the pro-crypto movement, Bitcoin and other cryptocurrencies remain controversial among many financial regulators. Federal Reserve Chair Jerome Powell has called Bitcoin a “speculative asset” and compared it to gold rather than traditional currency. Powell, who is prohibited from owning cryptocurrencies, noted that Bitcoin’s value is driven by speculation, not its utility as a currency.
Still, with the crypto industry rallying behind Trump and his pro-crypto initiatives, Bitcoin’s future looks increasingly bright, with some predicting even greater gains ahead.
The Road to $1 Million?
As the Bitcoin market celebrates this latest milestone, industry figures like Anthony Pompliano, a well-known crypto advocate and founder of Professional Capital Management, predict that Bitcoin could reach $1 million per coin in the future. “If you like Bitcoin at $100,000, you’re going to love it at $1 million,” Pompliano said in a post on X (formerly Twitter) Wednesday evening.
With regulatory shifts on the horizon and a growing pro-crypto movement, Bitcoin’s journey could be just beginning.
