- Bitcoin surpassed $100,000 for the first time, fueled by optimism about Trump’s crypto-friendly policies and regulatory reforms.
- Institutional adoption, including MicroStrategy’s massive BTC acquisition, boosted Bitcoin’s price, which rose 520% from November 2022.
- Trump’s plans for a new crypto advisory council and SEC leadership change, with Paul Atkins, are expected to bring regulatory clarity and drive Bitcoin’s growth.
The world’s largest cryptocurrency, Bitcoin’s value, crossed the $100,000 mark on December 5, 2024, for the first time, driven by optimism about a favourable regulatory environment under incoming US President Donald Trump. According to analyst Justin D’Anethan, the historic surge highlights Bitcoin’s growing significance in finance, technology, and geopolitics.
Sawyer Merritt reported on December 4, 2024, that BTC had surged past $100,000 for the first time, marking a significant milestone in the cryptocurrency’s history. Bitcoin surged past $100,000, reaching $103K at the time of writing, reflecting a 7.91% increase in just 24 hours and a staggering 520% rise from its November 2022 low of under $16,000 after the FTX collapse.
What’s Behind the Bitcoin New High?
Institutional adoption has fueled Bitcoin’s meteoric rise. MicroStrategy, the largest corporate holder of BTC, recently acquired 15,400 BTC for $1.5 billion, boosting its holdings to 402,100 BTC worth $40.5 billion. Meanwhile, Trump’s SEC nomination of Paul Atkins, seen as crypto-friendly, has sparked optimism for regulatory reforms to bolster the digital asset industry.
President-elect Donald Trump plans to nominate Paul Atkins as SEC Chair, hinting at a pro-crypto regulatory shift. Atkins, known for his crypto-friendly stance, co-chaired the Token Alliance and contributed to the Chamber of Digital Commerce. He will replace Gary Gensler, whose tenure faced criticism for legal actions against crypto firms. Trump praised Atkins’ achievements in post:
”He also recognizes that digital assets and other innovations are crucial to Making America Greater Than Ever Before.”
The optimism surrounding a revamped SEC under Trump coincided with Bitcoin’s record-breaking surge past $100,000. Major players like BlackRock entered the market, boosting confidence. BTC, up over 45% since Trump’s election, highlights the sector’s growth potential as his administration prepares to take office in January 2025.
Trump Plans Crypto Advisory Council for U.S. Policy
Former President Donald Trump has pledged to establish a new crypto advisory council, with major crypto companies like Ripple, Kraken, and Circle vying for a seat. Industry executives suggest the council will play a key role in shaping Trump’s planned overhaul of U.S. cryptocurrency policy.
Elon Musk, a supporter of Donald Trump, and Mike Novogratz see the major avenues of growth for BTC as institutional adoption and regulatory clarity. Novogratz sees the current stage as a step toward bringing digital assets into the traditional finance world and mentions the developments in tokenization and payments.
After Bitcoin hits the $100K mark, experts claim that such levels will probably interest the public and media more, bringing the currency to a wider audience. Anthony Pompliano, a prominent BTC advocate, recently expressed his bullish outlook on Bitcoin’s future value. In a tweet, Pompliano stated, “If you like Bitcoin at $100,000, you’re going to love it at $1 million.”
According to Federico Brokate of 21Shares, BTC is entering a more mature stage as an asset class above this level. He also points out the industry adoption and regulatory clarity that Trump’s administration will ensure and promote in these areas. It is also likely that the elected President’s crypto-centric advocacy will enhance Bitcoin’s profile in the global financial landscape.
Read Also: Bitcoin Bulls Eye $110K: $1.5B MicroStrategy Purchase and $1B Tether Minting Propel Market
