1 month ago
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December 5, 2024 | 10:42 am
TEMPO.CO, Jakarta - Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.
Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump's sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.
It last traded at $100,027 as of 0240 GMT, up 2.2% on the previous session, after earlier rising as high as $100,277.
"We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream," said Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital.
"This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path."
More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.
"Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics," said Justin D'Anethan, a Hong Kong-based independent crypto analyst.
"The figure not that long ago dismissed as fantasy, stands as a reality."
Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.
Crypto investors see an end to increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, who said last week he would step down in January when Trump takes office.
On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to "develop best practices for digital asset issuances and trading platforms," and the Chamber of Digital Commerce.
A slew of crypto companies including Ripple, Kraken and Circle are jostling for a seat on Trump's promised crypto advisory council, seeking a say in his planned overhaul of U.S. policy, according to several digital asset industry executives.
Trump's businesses may also have a stake in the sector. He unveiled a new crypto business, World Liberty Financial, in September. Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.
Trump's social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.
Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.
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