Bitcoin Breaks $100,000 Barrier Following Trump’s SEC Nominee Announcement
Bitcoin surged past the $100,000 mark for the first time Thursday, fueled by the announcement of President-elect Donald Trump’s nominee for the head of the Securities and Exchange Commission (SEC), Al Jazeera reports.
The cryptocurrency peaked above $103,000, representing a dramatic increase for investors who have seen their holdings more than double in value this year.
The rally follows Trump’s nomination of Paul Atkins, CEO of Patomak Partners, to lead the SEC. Atkins, viewed by many as a proponent of less stringent digital asset regulation, was described by Trump on Truth Social as a “proven leader for common sense regulations.” His confirmation by the Senate would replace Gary Gensler, whose aggressive enforcement actions against the crypto sector drew considerable criticism from investors.
Bitcoin’s meteoric rise, significantly accelerated since Trump’s November 5th election victory, positions it as one of 2024’s top-performing assets. The digital currency is up over 130 percent year-to-date, far outpacing the S&P 500’s 28 percent gain.
This dramatic shift is particularly noteworthy given Trump’s past skepticism towards Bitcoin, having previously labeled it a “scam.” However, during his re-election campaign, he adopted a strongly pro-crypto stance, promising to make the US “the crypto capital of the planet” and even create a “strategic national Bitcoin stockpile.” In September, he further cemented his commitment by launching his own cryptocurrency venture, World Liberty Financial, alongside his sons.
While Bitcoin’s supporters praise its potential to circumvent government and central bank control, critics remain wary of its volatility and its association with illicit activities. The cryptocurrency, created in 2008 by the pseudonymous Satoshi Nakamoto, continues to be a subject of intense debate and speculation.
