Bitcoin has finally reached the long-anticipated $100,000 milestone, driven by growing optimism over regulatory changes under President-elect Donald Trump and a key comment from Federal Reserve Chairman Jerome Powell. The cryptocurrency surged to an all-time high of $101.299,69 at the time of writing this article, marking a significant psychological milestone for the digital asset. With increased regulatory support and a bullish sentiment among traders, Bitcoin’s price may continue to rise as the crypto market experiences a new phase of growth.
Optimism Grows with Trump’s SEC Appointment
Bitcoin’s meteoric rise can be attributed, in part, to the appointment of Paul Atkins as the new head of the U.S. Securities and Exchange Commission (SEC) under President-elect Donald Trump. A former SEC commissioner and a known advocate for cryptocurrency, Atkins’ selection is seen as a favorable move for the crypto industry. Traders are especially excited by the prospect of a more crypto-friendly SEC under Atkins’ leadership. This change in leadership comes as a relief to many, especially after the aggressive crackdown on crypto by current SEC Chairman Gary Gensler over the past two years.
With the new leadership, there is hope that the regulatory environment for cryptocurrencies will become more accommodating, potentially providing more stability and confidence for both investors and developers in the market.
Read more: Trump Picks Paul Atkins as SEC Chair to Replace Gensler
Powell’s Comments Boost Confidence in Bitcoin
The price surge also coincided with comments made by Federal Reserve Chairman Jerome Powell, who compared Bitcoin to gold rather than viewing it as a direct competitor to the U.S. dollar. In his remarks, Powell described Bitcoin as a speculative asset, akin to precious metals, adding further legitimacy to its role as a store of value. This statement by Powell, along with the broader market optimism surrounding cryptocurrency regulations, helped fuel Bitcoin’s upward momentum.
Bitcoin has now surged by approximately 140% in 2024, with the most significant gains occurring after Trump’s election victory. As Trump has promised to implement cryptocurrency-friendly regulations, many investors view this as a step toward making the U.S. a global leader in crypto innovation and adoption.
Conclusion
Bitcoin’s recent surge past the $100,000 mark highlights the growing optimism surrounding the cryptocurrency market, especially with the potential for regulatory changes under a Trump administration. The combination of a more crypto-friendly SEC and Powell’s favorable comments about Bitcoin’s role in the financial system has led to a renewed sense of confidence among investors. As Bitcoin continues to break new records, it remains to be seen whether this momentum can be sustained, but for now, the cryptocurrency’s future looks brighter than ever.
