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Bitcoin has reached a historic milestone, surpassing the $100,000 mark for the first time on Wednesday, following the announcement of President-elect Donald Trump's administration picks, which are expected to promote a more crypto-friendly regulatory environment. Central to this shift is Trump's nomination of Paul Atkins as the new chair of the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner and advocate for cryptocurrency, is anticipated to adopt a less aggressive regulatory approach compared to the current chair, Gary Gensler, who has been known for his stringent oversight of the crypto industry.
The surge in Bitcoin's value to $100,000 came just hours after Atkins was announced as Trump's choice for SEC chair. This new peak builds on a remarkable rally that began after Trump was projected to win the presidency on November 6, which had already seen Bitcoin spike by $6,000 in a single day. Since then, Bitcoin has gained 130% this year alone, significantly outpacing the S&P 500's 28% increase.
Trump's evolving stance on cryptocurrency has also played a crucial role in this market surge. Once skeptical of Bitcoin, he has shifted his position in recent months to attract younger voters who are more inclined to invest in digital currencies. His commitment to creating a national strategic Bitcoin stockpile and holding onto seized Bitcoin rather than auctioning it off signals strong support for the crypto community.
Additionally, Trump's media company is reportedly in talks to acquire Bakkt, a prominent crypto trading platform. The cryptocurrency sector has rallied behind Trump and the Republican Party during this election cycle, with significant donations made to pro-crypto candidates.
As excitement builds around Bitcoin's potential future growth, investors are optimistic about further pro-crypto policies from Trump's administration. With Atkins at the helm of the SEC and other pro-crypto figures being nominated for key positions, many believe that this could lead to an era of increased institutional adoption and regulatory clarity for cryptocurrencies.
While some financial regulators remain cautious—such as Federal Reserve Chair Jerome Powell, who views Bitcoin as a speculative asset—enthusiasts like Anthony Pompliano are bullish about its future potential. As Pompliano stated, "If you like Bitcoin at $100,000, you’re going to love it at $1 million."
The cryptocurrency community is now looking forward to how these developments will shape the landscape for digital assets in the coming years.