Bitcoin Breaks 100K Milestone as Trump Names Pro-Crypto SEC Chief
Bitcoin achieved a historic milestone late Wednesday as its price surpassed $100,000 for the first time, driven by President-elect Donald Trump's announcement of key administration appointments viewed as favorable to cryptocurrency markets.
The world's largest cryptocurrency reached $103,000 by Thursday morning, marking a dramatic surge from its position just weeks ago. The rally gained significant momentum after Trump named Paul Atkins, a known crypto advocate and former SEC commissioner, as his choice to lead the Securities and Exchange Commission.
This appointment represents a stark shift from the current regulatory environment under Gary Gensler's SEC leadership, which has taken a more restrictive approach to cryptocurrency regulation. Atkins is expected to implement more industry-friendly policies when he assumes the position following Gensler's departure on Inauguration Day.
The cryptocurrency's remarkable ascent began on November 6 when Trump's projected victory triggered a $6,000 single-day price increase, pushing Bitcoin above $74,000. The digital currency has now gained more than 130% in 2024, significantly outperforming traditional markets, with the S&P 500 up 28% during the same period.
Trump's evolution on cryptocurrency policy has been notable. Despite previously dismissing Bitcoin as "highly volatile and based on thin air," he has emerged as a crypto advocate during his campaign. His July appearance at Nashville's largest crypto convention included promises to establish a "strategic national bitcoin stockpile." He further demonstrated his commitment by launching World Liberty Financial in September and using Bitcoin for personal transactions.
The cryptocurrency industry has reciprocated this support, with leading super PACs contributing approximately $131 million to pro-crypto candidates in congressional races. The Trump campaign, which began accepting crypto donations in May, has raised millions through this initiative. Despite this enthusiasm, some financial leaders remain skeptical, including Federal Reserve Chair Jerome Powell, who characterized Bitcoin as "a speculative asset" rather than a competitor to the dollar.
