Bitcoin has made history- smashing through the psychological $100,000 barrier late on Wednesday and continuing to climb above $103,000 as ATH by Thursday morning. This record-breaking achievement has been fuelled by optimism surrounding the incoming US administration’s crypto-friendly stance, marking a major milestone for the leading cryptocurrency.
Trump’s Pro-Crypto Shift Sparks Rally
The rally began in earnest following Donald Trump’s projected win in the recent presidential election. The announcement of Paul Atkins, a former SEC commissioner and crypto advocate, as Trump’s nominee to lead the Securities and Exchange Commission (SEC) has energised the market and caused a bull run. Atkins is expected to adopt a regulatory approach that favours innovation, offering a stark contrast to Gary Gensler’s administration, which was often criticised for its stringent oversight.
The market reacted swiftly to the news, pushing Bitcoin past $100,000 within hours of Atkins’ nomination. By Thursday, the cryptocurrency continued its ascent, reaching $103,000—a testament to the growing confidence in a pro-crypto policy environment under Trump’s administration.
A Stunning Year for Bitcoin
Bitcoin’s meteoric rise has been nothing short of extraordinary. It has surged over 130% in 2024 alone, leaving traditional markets like the S&P 500, which is up 28%, in the dust. Much of this growth has come in the weeks since Trump’s victory was projected, with the price leaping from $74,000 to $90,000 in just seven days before hitting its latest peak.
Trump, once a criticizer of cryptocurrency, has now embraced it as part of his vision for the US economy. He even hinted at plans for a “strategic national bitcoin stockpile” and launched his own cryptocurrency venture, World Liberty Financial, earlier this year.
A New Era for Cryptocurrency Policy
With the crypto industry throwing its weight behind Trump’s campaign—donating $131 million to pro-crypto candidates in congressional races—expectations are high for supportive policies. Trump’s openness to digital assets represents a significant departure from the restrictive stance of the previous administration.
In addition to Atkins, Trump is reportedly considering creating a dedicated White House crypto policy role. This bold move could position the US as a leader in the global crypto space, fostering innovation and adoption.
Bitcoin’s Future Looks Bright
Bitcoin’s newfound strength reflects growing acceptance and institutional interest, but opinions remain divided. Federal Reserve Chair Jerome Powell has likened Bitcoin to gold saying “It’s not a competitor for the dollar. It’s really a competitor for gold.” The cryptocurrency community is optimistic about its future.
With pro-crypto policies on the horizon and growing momentum, Bitcoin enthusiasts believe this rally is just the beginning. Could $1 million Bitcoin be next? Only time will tell.