Bitcoin has surpassed $100,000 for the first time, reaching a new high amid a euphoric surge triggered by President Donald Trump’s election win.
The largest and most valuable cryptocurrency in the world, known for its market volatility, has been on the rise in recent weeks due to expectations of a new era of deregulation and supportive policies under the incoming administration.
On Wednesday, it hit a record high of $103,619, marking a 45% increase since Election Day. Other cryptocurrencies are also experiencing similar gains.
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said Mike Novogratz, founder and CEO of Galaxy Digital, a US cryptocurrency company.
“This momentum is driven by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path,” he added.
President Trump has nominated crypto lobbyist Paul Atkins to lead the Securities and Exchange Commission (SEC), signaling a more favorable stance towards cryptocurrencies.
“Congratulations Bitcoiners!!! $100,000!!! You’re welcome!!! Together we will make America great again!” President Trump tweeted on his social media platform, Truth Social.
Reaching a six-digit price is a significant milestone for Bitcoin, which was created in 2008 and remains shrouded in mystery surrounding its creator Satoshi Nakamoto.
Supporters see Bitcoin and the broader crypto space as the future of finance, although its volatile valuation and slow adoption for everyday transactions raise concerns.
“Bitcoin surpassing $100,000 signifies changing trends in finance, technology, and geopolitics,” said crypto analyst Justin Danesan based in Hong Kong.
“People who were once considered fantasy now exist in reality,” he added.
Trump, who once called Bitcoin a “scam,” has shifted his stance to a more supportive position, touting it as a symbol of free trade and innovation.
Atkins, the former SEC commissioner and crypto advocate, is seen as bringing a fresh perspective to digital asset regulation in the US.
“Atkins’ familiarity with the digital asset ecosystem can lead to new opportunities for US cryptocurrency innovation,” said Kristin Smith, CEO of the Blockchain Association.
Cryptocurrency stocks are on the rise alongside Bitcoin prices, with companies like MicroStrategy heavily investing in Bitcoin.
Trump has also announced his own virtual currency venture, World Liberty Financial, showing growing support for cryptocurrencies.
Source: www.theguardian.com
