Bitcoin surged to a record high of $100,000 on Wednesday, fueled by President-elect Donald Trump’s administration picks, which are seen as supportive of cryptocurrency. The milestone came shortly after Trump announced Paul Atkins as his choice to lead the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner and crypto advocate, is expected to regulate cryptocurrency with a more lenient approach than the outgoing SEC Chair, Gary Gensler, who has been critical of the industry.
This surge follows a dramatic rally after Trump’s election victory in November, which pushed Bitcoin past previous records, including a one-day spike of $6,000, bringing it above $74,000. The digital asset has increased by 130% this year, significantly outperforming the S&P 500’s 28% rise.
Trump, once a skeptic of Bitcoin, has shown increasing support for crypto as he targets younger male voters. He has expressed intentions to create a “strategic national bitcoin stockpile,” pledged to hold onto seized crypto instead of auctioning it, and launched his own cryptocurrency venture, World Liberty Financial.
The cryptocurrency industry has rallied behind Trump and the Republican Party, with millions in donations to pro-crypto congressional candidates. Trump’s pro-crypto stance is expected to continue, as he considers establishing a White House position dedicated to crypto policy.
However, not all regulators share this enthusiasm. Federal Reserve Chair Jerome Powell referred to Bitcoin as a “speculative asset,” and argued that it competes with gold, not the US dollar.
