Bitcoin has reached $100,000 for the first time, fueled by a surge in value following Donald Trump’s election victory.
The cryptocurrency hit an all-time high of $103,900 on Thursday after Mr. Trump announced the appointment of Paul Atkins to lead the Securities and Exchange Commission (SEC). Mr. Atkins, a former SEC official and consultant, was praised by Mr. Trump as “a proven leader for common sense regulations.” He added that Atkins “recognizes digital assets and other innovations as crucial to Making America Greater than Ever Before.”
Bitcoin’s price has skyrocketed nearly 50% since Mr. Trump’s election win and has nearly tripled over the past year. The president-elect’s pro-crypto stance has ignited enthusiasm within the industry. Mr. Trump has vowed to overturn Joe Biden’s cryptocurrency restrictions and establish a national strategic “stockpile” of Bitcoin.
The sector was further encouraged by the recent announcement that SEC Chair Gary Gensler will step down when Mr. Trump assumes office. Reports suggest Mr. Trump’s team is also considering appointing a “crypto tsar,” potentially giving the industry a direct channel to the administration.
Bitcoin’s $100,000 milestone caps a dramatic rise for the cryptocurrency, which has experienced multiple boom-and-bust cycles yet achieved significant long-term growth. Invented in 2008, Bitcoin has grown from being virtually worthless to commanding a market value close to $2 trillion.
The cryptocurrency first broke the $1,000 barrier in 2013 and $10,000 in 2017. A £1,000 investment in Bitcoin a decade ago would now be worth over £267,000.
