Bitcoin surged past the $100,000 milestone for the first time on Thursday, fueled by optimism surrounding a pro-cryptocurrency regulatory environment following Donald Trump’s presidential victory. The cryptocurrency has doubled in value this year, with a remarkable 45% increase in the four weeks since Trump’s election, which also brought several crypto-supportive legislators into Congress.
As of 02:40 GMT, Bitcoin traded at $100,027, up 2.2% from the previous session, after peaking at $100,277. Investors are anticipating reduced regulatory scrutiny as U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler plans to step down in January, coinciding with Trump’s inauguration.
Pro-Crypto SEC Nominee
On Wednesday, Trump nominated Paul Atkins, a former SEC commissioner and co-chair of the Token Alliance, to lead the SEC. Atkins, who currently serves as CEO of Patomak Partners, has extensive experience in cryptocurrency policy and has long advocated for lighter regulatory oversight.
Praising Atkins, Trump said:
“He believes in robust, innovative capital markets that serve investors and drive our economy forward. He also understands that digital assets are crucial to making America greater than ever before.”
During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and proposed establishing a national Bitcoin reserve.
Industry Optimism and Institutional Adoption
Industry leaders are optimistic about Bitcoin’s mainstream adoption. Mike Novogratz, CEO of Galaxy Digital, said:
“We’re witnessing a paradigm shift. After years of political uncertainty, Bitcoin and the digital asset ecosystem are on the brink of entering the financial mainstream.”
Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong, added:
“Bitcoin crossing $100,000 is more than a milestone—it’s a testament to shifting tides in finance, technology, and geopolitics.”
Institutional adoption has played a significant role, with U.S.-listed Bitcoin exchange-traded funds (ETFs) attracting over $4 billion in investments since the election. BlackRock’s Bitcoin ETF options, launched in November, have seen call options significantly outperform puts.
Trump’s Growing Crypto Interests
Trump’s involvement in cryptocurrency extends beyond policy. In September, he launched World Liberty Financial, a crypto venture that has generated positive market sentiment. Additionally, Trump Media and Technology Group is reportedly finalizing an all-stock acquisition of crypto trading company Bakkt.
Elon Musk, a vocal supporter of cryptocurrencies and an ally of Trump, has also influenced the market’s bullish sentiment.
Challenges and Caution Ahead
Despite the surge, the crypto sector faces ongoing scrutiny. The collapse of FTX two years ago, which led to the imprisonment of founder Sam Bankman-Fried, remains a cautionary tale. Concerns about the industry’s energy consumption and potential for criminal activity persist.
Steven McClurg, founder of Canary Capital, warned of potential volatility:
“Once we flush out the sell orders, Bitcoin could rise even higher—and very rapidly. I expect it to reach $120,000 by December 25.”
While Bitcoin’s rapid ascent marks a significant moment in cryptocurrency history, traders remain vigilant as the sector navigates both newfound optimism and enduring challenges.
