Bitcoin reached a significant milestone in its price, surging past the $100,000 mark for the first time after a two-week flirtation with the six-figure mark. This surge was fueled by the belief that the incoming administration would be more favorable towards cryptocurrencies and relax regulations surrounding them. The milestone was reached late on a Wednesday after President-elect Donald Trump nominated Paul Atkins to head the Securities and Exchange Commission (SEC).
Atkins, who currently runs Patomak Global Partners, a financial services advisory group that works with clients in the crypto industry, is also an adviser to the Chamber of Digital Commerce, a crypto advocacy group. This nomination marked a departure from the policies of outgoing SEC Chair Gary Gensler, who had cracked down on digital assets following a market rout in 2022 that exposed fraudulent practices and led to the collapse of several crypto exchanges and lenders.
Coinciding with Trump’s selection of a crypto advocate to lead the SEC, Federal Reserve Chair Jerome Powell made comments likening bitcoin to gold. Powell stated that people view bitcoin as a speculative asset, similar to gold, but in a virtual and digital form. He emphasized that bitcoin is highly volatile and not a direct competitor to the dollar, but rather a competitor to gold.
Formerly a skeptic, Trump has now become a believer in cryptocurrencies. He and his sons have even ventured into their own crypto venture. Other members of the incoming administration, such as Vice President-elect J.D. Vance, Health and Human Services nominee Robert F. Kennedy Jr., and Commerce Secretary Howard Lutnick, have also disclosed investments in and support for cryptocurrencies. Trump has expressed his intention to make America the “crypto capital of the planet” once he returns to the White House.
Taking credit for bitcoin’s rise, Trump posted on his Truth Social platform, congratulating “Bitcoiners” and pledging to “Make America Great Again” together with them. The price of bitcoin has surged by 42% since the day before the presidential election on November 5th, when it was priced around $70,000 per coin. It reached a high of $103,800 after surpassing the $100,000 level.
The news of bitcoin’s milestone was covered by reporter Kate Gibson of CBS MoneyWatch in New York, where she focuses on business and consumer finance. Overall, the surge in bitcoin’s price and the positive sentiments towards cryptocurrencies from the incoming administration signal a shifting landscape for digital assets and their regulation in the United States.
