Bitcoin Cracks $100K Milestone on Trump SEC Chair Pick, BTC Now Up Over 200,000,000% All Time
The price of Bitcoin soared to a new all-time high of $103,577.97 on Thursday following President-elect Trump’s nomination of crypto advocate Paul Atkins to head the SEC.
Bitcoin (BTCUSD) surged through the historic $100k barrier, driven by optimism surrounding President-elect Donald Trump’s pro-crypto administration and a pivotal nomination to lead the US Securities and Exchange Commission (SEC). Bitcoin, the world’s largest cryptocurrency, rose to $103,577.97 on Thursday morning following Trump’s announcement that former SEC Commissioner Paul Atkins would take over the regulatory agency.
The milestone cements Bitcoin’s meteoric rise this year, with the cryptocurrency up over 120% year-to-date. Trump, once a vocal critic of digital currencies, celebrated the achievement on Thursday, posting the following on his Truth Social account:
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Bitcoin $100K Milestone
Since Trump’s election victory on November 5th, Bitcoin has climbed by as much as 50%, and after flirting with the $100,000 barrier for multiple weeks, BTC officially broke through on Thursday en route to a new all-time high of $103,577.97.
Since hitting a new record high, the price of Bitcoin has retreated below the $100,000 level, with BTC last trading at $98,331.64, up 1.32% on the day.
While many may not be aware of this, from its all-time low of $0.05 on July 18, 2010, to its new all-time high of $103,577.97, Bitcoin has skyrocketed an astonishing 207,155,840% over the past 14 years.
To put that into perspective, $10,000 invested in Bitcoin at its low, could have been worth as much as $20,715,584,000 today.
View Bitcoin Interactive Stock Chart on Barchart
Regulatory Winds Shift
Paul Atkins, widely regarded as a crypto advocate, is expected to overhaul the SEC’s stringent approach under outgoing Chair Gary Gensler, who often clashed with the crypto industry. Atkins, a former SEC commissioner and founder of Patomak Global Partners, has been vocal about fostering innovation within the digital asset space.
Trump’s selection of Atkins signals a dramatic shift in regulatory tone. The President-elect announced the nomination on Truth Social, writing:
Investors have embraced the news, with Bitcoin’s price surging nearly 50% since Trump’s election victory in November. Analysts view Atkins’ appointment as a potential catalyst for a wave of pro-crypto policies, including the possibility of creating a dedicated White House role for cryptocurrency oversight—a “crypto czar.”
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Crypto and Wall Street in Harmony
The ripple effects of Bitcoin’s ascent are being felt across financial markets. The iShares Bitcoin Trust ETF (NASDAQ: IBIT) and the Grayscale Bitcoin Trust ETF (NYSE Arca: GBTC) have seen significant inflows, reflecting growing institutional interest in Bitcoin. Similarly, Fidelity’s Wise Origin Bitcoin Fund (CBOE: FBTC) has benefited from the cryptocurrency’s newfound legitimacy.
Meanwhile, crypto-related equities are experiencing a parallel surge. Shares of MARA Holdings (NASDAQ: MARA), a leading Bitcoin mining company, and Coinbase (NASDAQ: COIN), the largest US crypto exchange, both climbed over 65% in November.
Mike Novogratz, CEO of Galaxy Digital commented:
“We are 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.”
Trump’s Crypto Evolution
Trump’s relationship with cryptocurrency has evolved significantly. Once dismissive, he has embraced the industry, recognizing its potential to energize younger voters and boost innovation. During his campaign, Trump pledged to make the US the “crypto capital of the planet” and promised to establish a national Bitcoin reserve.
In September, Trump launched World Liberty Financial, a crypto-focused venture. His media company, Trump Media (NASDAQ: DJT), is also reportedly in talks to acquire Bakkt (NYSE: BKKT), a prominent crypto trading platform, signaling his broader commitment to the digital economy.
The industry’s embrace of Trump has been equally robust. Leading crypto super PACs poured $131 million into this election cycle, helping secure pro-crypto lawmakers in Congress. In return, the crypto community anticipates favorable policies that will further legitimize the industry.
What’s Next for Bitcoin?
While Bitcoin’s rise to six figures marks a historic moment, some analysts caution against euphoria.
Owen Lau, a senior analyst at Oppenheimer, warned:
“Just be careful when you hit the $100,000 level. There may be some selling pressures and people looking for the next breakout level.”
On Wednesday, Federal Reserve Chair Jerome Powell offered a tempered perspective, comparing Bitcoin to gold, stating:
“It’s not a competitor for the dollar. It’s really a competitor for gold.”
He added that Bitcoin’s volatility and speculative nature continue to make it unsuitable as a mainstream payment system.
Still, proponents argue that Bitcoin’s integration into traditional finance will dampen its notorious price swings. The launch of spot Bitcoin ETFs in January, followed by the recent approval of BTC options trading suggests a maturing market, with the growing involvement of institutional players.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors, stated:
“Passive flows into ETFs, a liquid options market, corporate treasury adoption, and nation state adoption will likely play a large role in dampening volatility.”
As Bitcoin consolidates around the $100,000 mark, its next move remains uncertain. For now, the cryptocurrency’s ascent has captured the imagination of investors worldwide, marking a pivotal moment in its journey from fringe technology to financial juggernaut.
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Disclaimer: Wealthy VC does not hold a position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
