Bitcoin reached a historic milestone, crossing the $100,000 threshold on Thursday, following the election of Republican Donald Trump as President of the United States. The move has fueled market speculation about a potential favorable regulatory landscape for cryptocurrencies under the new administration.
The cryptocurrency has seen its value more than double this year, with a notable 45% increase in the four weeks since Trump won a decisive election victory. This win also resulted in an influx of pro-crypto lawmakers into Congress. Bitcoin was trading at $100,027, a 2.2% uptick from the previous session, after initially touching $100,277.
During his campaign, Trump articulated his support for digital currencies, pledging to position the United States as the world’s leading crypto hub while advocating for a national reserve of Bitcoin. Crypto enthusiasts anticipate a shift away from stringent oversight, especially in light of U.S. Securities and Exchange Commission Chair Gary Gensler’s recent announcement that he will be stepping down in January when Trump assumes office.
In a related development, Trump indicated he plans to appoint Paul Atkins to lead the SEC. Atkins, who previously served as an SEC commissioner, has been active in shaping crypto-related policy as the co-chair of the Token Alliance and is associated with the Chamber of Digital Commerce.
