Bitcoin Hits $100,000 as Trump Selects Crypto-Friendly SEC Chair

Bitcoin Hits $100,000: Trump Selects Crypto-Friendly SEC Chair | Mr. Business Magazine

Category: News

Source: cryptotimes.io

Bitcoin Hits an all-time high of $100,000 on Wednesday, marking a historic milestone after President-elect Donald Trump announced his picks for key positions in his administration. Among these appointments is Paul Atkins, who is set to lead the Securities and Exchange Commission (SEC) and is widely regarded as an advocate for cryptocurrency.

A Pro-Crypto Shift at the SEC

Paul Atkins, a former SEC commissioner and pro-crypto advocate, is expected to bring a more lenient regulatory approach compared to the outgoing chair, Gary Gensler. Under Gensler’s leadership, the SEC took a hardline stance against the cryptocurrency industry, significantly hindering its growth within the United States.

Atkins’ appointment signals a shift in regulatory strategy, with the potential for policies that favor the expansion of digital assets. This development comes as Gensler prepares to step down on Inauguration Day. Bitcoin’s surge to $100,000 occurred just hours after the announcement of Atkins’ nomination, further cementing market confidence in a more crypto-friendly era.

A Post-Election Crypto Rally

Bitcoin’s recent rally began shortly after Trump’s victory in the November 6 election, with the cryptocurrency climbing $6,000 in a single day to surpass $74,000. Over the following week, Bitcoin hits continued to rise, reaching $90,000 before crossing the $100,000 threshold.

For the year, Bitcoin has gained 130%, significantly outperforming the S&P 500, which is up 28% over the same period. This dramatic increase highlights growing optimism among investors that the new administration will foster an environment conducive to cryptocurrency growth.

Trump’s Changing Stance on Crypto

Trump’s relationship with cryptocurrency has evolved dramatically. Once a skeptic, he dismissed Bitcoin as not money and as highly volatile. However, as the election approached, he reversed his stance, appealing to younger male voters who are more likely to own digital assets.

In July, Trump headlined a major cryptocurrency convention in Nashville, where he pledged to create a national Bitcoin reserve and to retain seized Bitcoin assets rather than auctioning them off. He emphasized his commitment to continuing to innovate in cryptocurrency within the United States. Bitcoin hits a new milestone with these announcements, reflecting the growing importance of digital currencies.

If crypto is the future, I want it mined, minted, and made in the USA, Trump stated during the event.

In September, Trump further demonstrated his support for the industry by launching his own cryptocurrency business, World Liberty Financial. Additionally, his media company has reportedly been in talks to acquire Bakkt, a popular crypto trading platform.

Crypto Industry Backs Trump

The cryptocurrency community played a significant role in Trump’s electoral success. Leading political action committees (PACs) aligned with the industry donated $131 million to support pro-crypto candidates, while Trump’s campaign raised millions by accepting cryptocurrency donations.

Now, the industry is looking forward to a wave of pro-crypto policies under Trump’s leadership. In addition to appointing Atkins as SEC chair, Trump has nominated Cantor Fitzgerald CEO Howard Lutnick, a prominent supporter of stablecoins, to a key position. He is also considering creating a dedicated White House role to oversee cryptocurrency policy.

Challenges from Regulators Persist

Despite the optimism surrounding Trump’s crypto-friendly policies, challenges remain. Federal Reserve Chair Jerome Powell, for example, views Bitcoin as a speculative asset rather than a legitimate alternative to traditional currency. Powell compared Bitcoin to gold, noting that while both have value, they are not widely used as primary payment methods.

Still, the market’s enthusiasm for cryptocurrency continues to grow, with Bitcoin hits reflecting broader investor confidence in the sector’s potential. Bitcoin’s latest surge highlights this growing trend.

Future of Bitcoin

The cryptocurrency industry is now banking on Trump’s administration to deliver on its promises. Investors like Anthony Pompliano, a well-known crypto supporter, remain bullish, predicting even greater milestones for Bitcoin.

If you like Bitcoin at $100,000, you’ll love it at $1 million, Pompliano said.

As the regulatory environment shifts and investor interest strengthens, cryptocurrency is set to play a more significant role in the global financial landscape. Bitcoin hits a historic surge, underscoring its growing importance, and the coming years could see even more dramatic developments in the industry.