Bitcoin reached a historic milestone of $100,000 on Wednesday, spurred by the announcement of President-elect Donald Trump’s administration choices, particularly Paul Atkins for the SEC chair. Atkins, a known advocate for cryptocurrency and former SEC commissioner, is expected to adopt a more lenient regulatory approach compared to the current chair, Gary Gensler, who has been critical of the crypto industry. The surge followed a significant rally initiated after Trump’s projected presidential win on November 6, which saw Bitcoin spike by $6,000 in a single day.
Trump’s previous skepticism about cryptocurrency, which he dismissed as “not money” and “highly volatile,” has shifted as he aims to connect with younger voters who are more inclined to invest in crypto. His recent actions, including proposing a “strategic national bitcoin stockpile” and launching his own cryptocurrency business, reflect this change. Furthermore, Trump’s campaign has actively accepted crypto donations, raising millions in support.
As the cryptocurrency community anticipates pro-crypto policies under Trump, they are hopeful for a favorable regulatory environment. However, some financial regulators, like Federal Reserve Chair Jerome Powell, remain skeptical, labeling Bitcoin a “speculative asset” rather than a true currency.
