Bitcoin has soared past the $100,000 mark, driven by a surge in investor confidence following United States President-elect Donald Trump’s pivot toward a pro-crypto stance.
The cryptocurrency, which climbed to $103,800 on Thursday, saw a remarkable 50% rise since Trump’s election victory in November.
The rally gained momentum after Trump nominated Paul Atkins, a prominent crypto advocate, to lead the Securities and Exchange Commission (SEC). The move signalled a potential shift toward a more favourable regulatory landscape under the incoming administration. Trump also vowed to position the U.S. as “the bitcoin superpower of the world.”
“Bitcoin reaching $100k is an incredible milestone for our movement,” said Kris Marszalek, CEO of Crypto.com. “We never doubted. We never wavered. And we will never stop building.”
Trump’s crypto-friendly administration energized the market with high-profile appointments. Howard Lutnick, known for his blockchain advocacy,was nominated for the Commerce Department, while Elon Musk will co-lead the “Department of Government Efficiency,” humorously dubbed “DOGE” after the cryptocurrency Dogecoin. Since Trump’s victory, Dogecoin has surged by 150%.
The contrast with the market’s struggles two years ago was striking. Back then, Bitcoin plummeted to $16,000 amid the collapse of FTX and a wave of regulatory crackdowns. Now, institutional investors were returning in droves. BlackRock’s Bitcoin ETF alone managed $45 billion in assets, underscoring the sector’s newfound credibility.
Cameron Winklevoss, co-founder of Gemini, captured the mood: “This bitcoin bull run is different. We have a pro-tech president-elect, a red Senate, a red House, and a mandate from the country to build.”
The influx of institutional money fueled optimism for what analysts called a “golden era” for digital assets. More than $4.4 billion flowed into crypto ETFs since Trump’s victory, and companies like MicroStrategy planned to raise $42 billion for further Bitcoin investments.
Bitcoin’s rise was swift and dramatic. Early in November, it shattered the $80,000 barrier, reaching an all-time high of $81,858 amid post-election optimism. Days later, it surged past $90,000 before crossing the $100,000 threshold this week.
As of Thursday morning, data from CoinMarketCap placed Bitcoin at $102,724.32, with a 7% increase in the past 24 hours.
Trump’s embrace of cryptocurrency marked a stark departure from his earlier skepticism. During his previous administration, digital currencies faced significant scrutiny. Now, Trump has promised to dismiss SEC Chair Gary Gensler, whose tenure saw over 100 regulatory actions against crypto firms, and to retain “100% of all the Bitcoin the U.S. government currently holds or acquires in the future.”
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