Bitcoin (BTC-USD) surged to an all-time high of $103,900, reaching the coveted $100,000 mark for the first time in its history. The record-breaking rise follows a series of events triggered by Donald Trump’s recent US election victory, which has injected new optimism into the cryptocurrency market.
The latest surge came after Trump appointed Paul Atkins, a consultant, to lead the Securities and Exchange Commission (SEC). Atkins, who had previously worked for the SEC, has been praised by Trump for his approach to regulation, with the president describing him as “a proven leader for common-sense regulations.”
Trump added that Atkins “recognises the importance of digital assets and other innovations” in the quest to “Make America Greater than Ever Before.”
The market response has been swift. Bitcoin’s price has soared nearly 50% since Trump’s election victory just one month ago, and its value has nearly tripled over the past year alone.
Industry insiders point to these developments as signs of increased institutional confidence in digital currencies, especially as Trump’s SEC appointment suggests a more relaxed regulatory stance towards cryptocurrencies.
“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of the US crypto firm Galaxy Digital.
“This momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path.”
Bitcoin, invented in 2008, has risen from being essentially worthless to the total value of all coins in circulation now being close to $2tn.