Bitcoin Surges Past $100,000 Following Trump’s Election Victory
In a remarkable turn of events, Bitcoin has surged past the $100,000 mark for the first time, following the election of Donald Trump as the U.S. President. Celebrating the milestone, Trump took to his social media platform Truth Social, exclaiming, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” His claim comes as the cryptocurrency experienced an astounding jump of over 50% since his election victory.
The rally in Bitcoin’s value was partly fueled by Trump’s nomination of Paul Atkins, a known cryptocurrency advocate, as the new head of the U.S. Securities and Exchange Commission (SEC). This nomination has been interpreted as a sign that the incoming administration will adopt a more deregulated approach towards the cryptocurrency market. At one point during Asian trading hours, Bitcoin reached a peak of $103,800.45 before settling around $101,000, though it quickly began to climb once again to approximately $103,320 following Trump’s remarks.
Since the start of 2023, Bitcoin has soared by around 140%, although its momentum had slowed in recent weeks as traders awaited fresh developments before making purchasing decisions. The breakthrough came after Trump’s announcement of Atkins as head of the SEC, a significant change from his predecessor, Gary Gensler, who had led a crackdown on the cryptocurrency sector post-2022 market collapse.
Atkins, who has a history with the SEC from 2002 to 2008 and established a risk consultancy in 2009, has been a co-chairman of the Digital Chamber of Commerce since 2017, advocating for more favorable regulations for digital assets. Trump characterized Atkins as a “proven leader for common-sense regulations,” highlighting his belief that digital assets are essential for a thriving U.S. economy.
The shift in tone towards cryptocurrencies by Trump is notable, considering he previously referred to digital currencies as a “scam.” His newfound enthusiasm for Bitcoin emerged during his campaign, coinciding with his venture into the crypto space through the announcement of a platform called World Liberty Financial.
Prominent figures in the tech and finance sectors are closely watching these developments. Elon Musk, who is rumored to have invested over $100 million to support Trump’s campaign, echoed excitement about Bitcoin’s milestone on social media, simply stating, “Wow.”
Looking ahead, expectations are swirling regarding potential measures under Trump’s administration, such as forming a strategic reserve of Bitcoin primarily made up of tokens seized in legal proceedings. This approach could potentially enhance the legitimacy of Bitcoin on the global stage.
However, Bitcoin’s journey has not been without challenges, having previously been associated with volatility and deceptive practices in the realm of criminal activities. Critics have long pointed out concerns about its use in money laundering and the dark web. Additionally, the environmental impact of cryptocurrency mining continues to raise eyebrows, as the process consumes significant quantities of energy.
Despite skepticism, Bitcoin has taken strides towards mainstream acceptance, notably becoming legal tender in El Salvador in September 2021—yet, a recent study reveals that 88% of Salvadorans have never used the cryptocurrency. As Trump prepares to take office in January, the industry eagerly anticipates how changes in regulation and policy will shape the future of digital assets in America.
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