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Crypto
Business Honor
05 December, 2024
Bitcoin hits $100,000 for the first time, fueled by Trump’s crypto-friendly SEC pick, Paul Atkins
On Wednesday, Bitcoin passed the $100,000 milestone for the first time and set a new record as the cryptocurrency market continued its strong rally. The spike occurred just hours after President-elect Donald Trump announced his pick to lead the Securities and Exchange Commission (SEC), Paul Atkins, who is seen as a crypto-friendly choice. Former Commissioner of the SEC and avid cryptophile, Atkins, who is expected to govern in less of a hard-line method under his belt than the chairman has been known to use towards crypto regulations, is succeeding Mr. Gensler's term, which will have ended on Inauguration Day.
The rally has been partly fueled by the post-election momentum. In the days following Trump's projected win on November 6, the cryptocurrency was at around $74,000 and jumped to nearly $90,000 by Thursday. It is up by 130% this year, far outperforming the broader market. Over the same period, S&P 500 has moved 28%.
Trump's views on cryptocurrencies have changed with time. At one time, he had termed Bitcoin as "not money" and slammed it as "highly volatile." However, when he began to try and connect with the young voter who was very much involved in the crypto space, he started changing his stance on this issue. In 2020, he declared plans to build a national bitcoin stockpile, then established his own cryptocurrency business venture, World Liberty Financial.
Trump, on the other hand, has received significant support in cryptocurrency communities. Super PACs raising millions of dollars have primarily been for electing pro-crypto candidates. In addition to Atkins, Trump has appointed crypto advocate Howard Lutnick to a key position, and is reportedly considering making a White House position on cryptocurrency policy.
This notwithstanding, Bitcoin and other cryptocurrencies continue to attract criticism from some financial regulators, among them the Federal Reserve Chair Jerome Powell, who says Bitcoin is more like gold than a rival currency.