Bitcoin Surpasses $100,000 Mark Amid Speculation of Crypto-Friendly Administration

Surge Past Six Figures

Bitcoin has exceeded the $100,000 mark for the first time, spurred by expectations of a more cryptocurrency-friendly government under the incoming administration.

New SEC Chair Nomination

President-elect Donald Trump has nominated Paul Atkins to head the Securities and Exchange Commission, a move that signals a potential shift towards a more relaxed regulatory environment for cryptocurrencies. Atkins has close ties to the crypto industry through his work with Patomak Global Partners and the Chamber of Digital Commerce.

Policy Reversal and Market Response

The appointment of Atkins contrasts sharply with the approach of outgoing SEC Chair Gary Gensler, who clamped down on digital assets following market upheavals in 2022. This change in leadership, coupled with Federal Reserve Chair Jerome Powell’s comparison of bitcoin to gold, has bolstered investor confidence in the cryptocurrency market.

Political Support for Cryptocurrencies

Trump and members of his administration have demonstrated growing support for cryptocurrencies, with plans to establish the United States as a leading hub for crypto innovation. Trump’s recent remarks on bitcoin’s surge reflect his enthusiasm for the industry.

Market Performance

Bitcoin’s value has surged by 42% since the presidential election, reaching a peak of $103,800. The bullish trend in the cryptocurrency market indicates growing investor interest and confidence in digital assets.

About the Author

Kate Gibson is a New York-based reporter for CBS MoneyWatch, specializing in business and consumer finance reporting.