Cryptocurrency surges to new high after Paul Atkins is nominated to head the Securities and Exchange Commission.
Bitcoin has topped $100,000 for the first time, buoyed by United States President-elect Donald Trump’s decision to nominate a cryptocurrency advocate to lead the country’s securities regulator.
The world’s most popular cryptocurrency surged past $103,000 on Thursday, continuing an explosive rally that has seen it more than double in value this year.
“Bitcoin’s surge past the $100,000 mark is not just a milestone; it represents a pivotal moment for the cryptocurrency industry,” said Jeff Mei, COO at digital asset exchange BTSE.
The latest surge comes after Trump named Paul Atkins, who is viewed as an advocate of looser regulation of digital assets, as his pick to lead the Securities and Exchange Commission.
In an announcement on Truth Social, Trump described Atkins, the CEO of Patomak Partners, as a “proven leader for common sense regulations”.
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before,” Trump said.
If confirmed by the US Senate, Atkins, who served as an SEC commissioner under former President George W Bush, would take over from Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector.
Bitcoin’s stunning growth, much of which has occurred since Trump’s November 5 election win, places the commodity among the top performing assets in 2024.
The digital currency is up more than 130 percent so far this year, far ahead of the S&P 500’s 28 percent gain.
Once a crypto-sceptic who labelled Bitcoin a “scam”, Trump emerged as an enthusiastic advocate of digital assets during his re-election campaign.
The Republican has promised to make the US “the crypto capital of the planet” and establish a “strategic national Bitcoin stockpile”, among other pledges.
In September, he announced the launch of their own crypto business, World Liberty Financial, along with his three sons.