Bitcoin Hits $100,000 as Pro-Crypto Trump Administration Takes Shape

Cryptocurrency Surge Follows Nomination of Paul Atkins to Lead SEC, Boosting Market Confidence

Bitcoin has hit a major milestone, surging to $100,000 for the first time on Wednesday, driven by renewed optimism surrounding a pro-crypto administration under President-elect Donald Trump. The cryptocurrency’s surge follows the announcement of Trump’s administration picks, particularly the nomination of Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a shift towards more favorable regulatory policies for the crypto industry.

Atkins, a former SEC commissioner and vocal advocate for cryptocurrency, is expected to take a more lenient approach to cryptocurrency regulation compared to the outgoing SEC Chairman Gary Gensler, whose tenure under the Biden administration was marked by tighter scrutiny and aggressive opposition to the crypto market’s expansion in the U.S. With Gensler set to resign on Inauguration Day, the appointment of Atkins has injected renewed confidence into the crypto sector, contributing to Bitcoin’s historic price surge.

Bitcoin’s rise to $100,000 is a significant moment in the cryptocurrency’s remarkable rally since Trump’s election victory on November 6. The post-election optimism propelled Bitcoin’s value upwards, with the coin experiencing a $6,000 one-day increase that brought it past the $74,000 mark. Just a week later, it touched $90,000, and its trajectory continued to climb, fueled by expectations of a more crypto-friendly regulatory environment.

Year-to-date, Bitcoin has gained a staggering 130%, far outpacing traditional markets. In contrast, the S&P 500 is up 28% over the same period. The rapid growth of Bitcoin highlights the increasing importance of cryptocurrency in global markets and investors’ growing confidence in its long-term potential, especially under the Trump administration’s expected policy shifts.

As the Trump administration prepares to take office in January, the appointment of pro-crypto figures like Paul Atkins is seen as a game-changer for the digital asset market, potentially paving the way for further growth in the cryptocurrency space.