The flagship digital asset has soared above the coveted $100,000 milestone, fueled by a palpable sense of optimism within the cryptocurrency community.
Following a remarkable 50% growth since Trump’s election win in November, Bitcoin climbed to $103,800 on Thursday.
The news has gained momentum since the announcement that Paul Atkins, a fervent advocate of cryptocurrency, will lead the Securities and Exchange Commission under Trump’s administration.
This shift has sent shivers of anticipation through the market, paving the way for a sea change in the regulatory environment.
“Achieving the $100k mark is a testament to our unyielding enthusiasm and relentless pursuit of innovative possibilities,” said Kris Marszalek, CEO of Crypto.com.
The incoming administration has taken bold steps by appointing Howard Lutnick as Commerce Secretary, while partnering with Elon Musk to oversee the newly-established “Department of Government Efficiency,” fondly referred to as the “DOGE” due to its dogecoin roots.
This development, coupled with the 150% increase in Dogecoin, has sparked mass excitement and renewed faith among investors.
Since hitting rock-bottom at $16,000 two years ago, due to widespread regulatory crackdowns and FTX’s downfall, institutional investors have jumped at the opportunity to sink their teeth into the ever-growing Bitcoin market.
BlackRock’s Bitcoin ETF has gained an astonishing $45 billion in assets, a resounding indicator of the bull run.
Celebrating this moment, Cameron Winklevoss, co-founder of Gemini, exclaimed: “This bitcoin bull run is an anomaly. With a tech-savvy president, a red Congress, and a nation’s approval to build – we’ve never been so poised for growth.”
Over the past three months, the influx of funds into crypto ETFs has reached $4.4 billion. MicroStrategy, in response, plans to invest extensively, launching a $42 billion Bitcoin acquisition fund, among other initiatives.
Analysts predict that Trump’s stewardship will usher in an era of unprecedented growth and innovation in the cryptocurrency industry.
Numerously, Trump has demonstrated a stark change in stance since his earlier aversion towards cryptocurrency during his previous presidency.
Promising 100% retention of any Bitcoin accumulated by the government, and vowing to remove the current SEC chairman, known for his efforts to strictly regulate cryptocurrency players, is a testament to Trump’s evolving perspective.
