New York (TDI): Bitcoin surged past $100,000 for the first time on Thursday, driven by expectations that the upcoming administration of President-elect Donald Trump will foster a favorable regulatory environment for cryptocurrencies.
The cryptocurrency, which has more than doubled in value this year, rose 45% in the four weeks following Trump’s election victory, with pro-crypto lawmakers gaining seats in Congress.
Bitcoin was last trading at $100,027, up 2.2% from the previous session, after briefly peaking at $100,277.
Bitcoin’s rise to $100,000 marks a historic moment, shifting it from a speculative asset to potentially a mainstream financial instrument.
During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and promised to amass a national bitcoin reserve.
Crypto investors anticipate the end of stringent regulations under current Securities and Exchange Commission (SEC) Chair Gary Gensler, who is set to step down when Trump takes office, Reuters reported.
Also Read: Bitcoin Hits Record $81,000 Amid Trump Pledges
Trump has also announced plans to nominate Paul Atkins, a former SEC commissioner with a background in crypto policy, to head the SEC.
Meanwhile, crypto companies such as Ripple, Kraken, and Circle are vying for a place on Trump’s proposed crypto advisory council, aiming to influence the upcoming regulatory overhaul.
Trump’s personal interest in the sector has also contributed to the optimism.
His company, Trump Media and Technology Group, is reportedly in talks to acquire crypto trading platform Bakkt, and his new business venture, World Liberty Financial, further signals his commitment to the crypto space.
Also Read: Bitcoin Surges Above $71,000 as Trump Leads
The resurgence of Bitcoin, following a drop below $16,000 in late 2022, has been fueled by the approval of bitcoin exchange-traded funds (ETFs) earlier this year, which have attracted significant institutional investment.
Over $4 billion has flowed into US-listed bitcoin ETFs since Trump’s election, further solidifying Bitcoin’s rise in the financial world.
