The price of Bitcoin surpassed $100,000 for the first time Thursday amid expectations that Donald Trump will create a friendly regulatory environment for cryptocurrencies when he heads to the White House next year.
The milestone was reached amid Trump’s announcement that he would be nominating Paul Atkins as chair of the Securities and Exchange Commission, who is expected to bring market deregulation. The president-elect had promised on the campaign trail to replace outgoing chairman Gary Gensler, an appointee of President Joe Biden whose enforcement efforts led to clashes with Wall Street.
Trump had also vowed at a July bitcoin conference in Nashville to create a crypto-friendly administration and overhaul U.S. policy, including plans for a new crypto advisory council.
The president-elect celebrated − and took credit for − the milestone in a post on his Truth Social platform Thursday morning: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!”
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Bitcoin price chart
Bitcoin has been surging for months
Excitement about a crypto-friendly administration has for months been pushing Bitcoin, the world’s biggest and best-known cryptocurrency, to its long-awaited $100,000 milestone.
Cryptocurrency, which is 16 years old, is a digital currency and does not rely on banks to verify transactions.
Bitcoin more than doubled in value this year and has soared over 45% since the Nov. 5 U.S. presidential election, which has also seen a slew of pro-crypto lawmakers being elected to Congress. Since Trump’s sweeping victory, traders have bet that Trump’s stated commitment to support cryptocurrencies would lead to a less restrictive regulatory environment, lifting the sector overall, Reuters reported.
Trump courted support and campaign donations from the sector with promises to be a “crypto president” and end Biden’s crackdown on crypto companies that regulators accused of flouting securities and anti-money laundering laws.
The industry is pushing for executive orders guaranteeing crypto companies’ access to banking services, an end to enforcement actions and other changes.
Trump signals support for crypto
The Bitcoin benchmark comes in the same week that Trump announced his nomination of Paul Atkins to lead the Securities and Exchange Commission.
Atkins, 66, is the CEO and founder of Patomak Global Partners, a financial consulting firm with clients that include cryptocurrency firms and exchanges.
Atkins is well-known as a pro-business former federal regulator who is friendly toward the budding cryptocurrency industry. He’s also familiar among Republican business circles and the co-chairman of the Digital Chamber’s Token Alliance, which has advocated for Bitcoin and other digital currencies by fighting SEC regulations that target the industry.
Gensler, who has held the position for four years and who regularly took on the crypto industry, will step down in January.
Trump himself has dabbled in cryptocurrency. He released crypto-based digital trading cards – and Trump Media and Technology Group, which operates Truth Social, is reportedly close to acquiring crypto trading firm Bakkt. The Trump family launched its own crypto firm, World Liberty Financial, in September.
Contributing: Nicole Fallert, Joey Garrison, Mike Snider, USA TODAY; Reuters
Eric Lagatta covers breaking and trending news for USA TODAY. Reach him at elagatta@gannett.com
