Bitcoin Price Hits Record $100,000 Amid Trump Administration’s Pro-Crypto Picks

Surge in Bitcoin Price

Bitcoin soared to an all-time high of $100,000 after President-elect Donald Trump announced key appointments believed to support cryptocurrency-friendly policies.

Pro-Crypto Picks in Trump Administration

One of Trump’s notable choices is Paul Atkins for the position of leading the Securities and Exchange Commission (SEC), known for his advocacy in the crypto space.

Atkins is expected to adopt a more lenient approach towards regulating cryptocurrency compared to the current SEC chair.

Trump’s Growing Support for Cryptocurrency

Trump, once skeptical about cryptocurrency, has shifted his stance in recent months, embracing the digital asset and even launching his own cryptocurrency venture.

His administration is considering creating a dedicated role for crypto policy within the White House, as reported by Bloomberg.

Industry’s Reaction and Future Expectations

The cryptocurrency industry backed Trump during the election cycle, anticipating a wave of pro-crypto policies under his administration.

Experts predict continued growth for Bitcoin, with some enthusiasts foreseeing a future price of $1 million.

Regulatory Challenges

Despite Trump’s support, some financial regulators remain cautious about cryptocurrency, with Federal Reserve Chair Jerome Powell viewing Bitcoin as a speculative asset akin to gold.

However, Powell also stated that he is prohibited from owning any cryptocurrencies himself.

Conclusion

As Bitcoin continues to reach new highs and the crypto landscape evolves, the role of regulators and policymakers will be crucial in shaping the future of digital assets.