Business
Bitcoin Surges Past $100,000 Amid Optimism Over Trump’s Pro-Crypto SEC Pick
Bitcoin made history on Thursday by surpassing the $100,000 mark for the first time, fueled by enthusiasm following Donald Trump’s decision to appoint a cryptocurrency advocate to lead the U.S. Securities and Exchange Commission (SEC).The move has bolstered expectations that the new administration will embrace deregulation in the digital asset sector.
Record-Breaking Rally
The cryptocurrency soared to a peak of $103,800.44 before settling just below $103,000 later in the day. This milestone comes after a meteoric rise of over 50% since Trump’s election victory on November 5 and a staggering 140% increase since the start of the year.
Bitcoin’s ascent had slowed in recent weeks as investors awaited new developments, but the announcement of Trump’s SEC chair pick reignited momentum.
Trump’s choice for the SEC chair is Paul Atkins, a well-known supporter of digital assets. Atkins, who served as an SEC commissioner from 2002 to 2008, is the founder of risk consultancy Patomak Global Partners, a firm with clients in the banking and cryptocurrency sectors. He has also been co-chair of the Digital Chamber of Commerce since 2017, an organization that promotes digital assets.
In a statement, Trump praised Atkins as a leader who supports “common-sense regulations” and recognizes the importance of digital innovations.
Atkins will replace Gary Gensler, whose tenure included strict measures against the cryptocurrency industry following the market downturn in 2022. However, Gensler also approved cryptocurrency exchange-traded funds (ETFs) earlier this year, allowing greater public access to digital currencies.
Trump’s shift from labeling cryptocurrencies a “scam” to becoming a vocal supporter has been a key feature of his recent political strategy. During his campaign, he announced plans to make the U.S. the global hub for cryptocurrency and even introduced his own digital currency platform, World Liberty Financial, alongside his sons and other entrepreneurs.
His ties to tech mogul Elon Musk, who reportedly spent over $100 million supporting Trump’s return to the White House, have also boosted the former president’s influence in the tech and crypto worlds. Musk celebrated Bitcoin’s milestone with a simple “Wow” on his X platform, further fueling enthusiasm.
Despite its success, Bitcoin remains a controversial asset. Critics highlight its use in illegal activities, such as money laundering and ransomware schemes. The cryptocurrency has also faced backlash for its environmental impact due to the energy-intensive process of mining.
Nevertheless, Bitcoin has seen increasing mainstream acceptance. In 2021, El Salvador adopted it as legal tender, though studies suggest most Salvadorans have yet to embrace it in daily life.
Originally created in 2008 by an anonymous figure known as Satoshi Nakamoto, Bitcoin was designed as a decentralized alternative to traditional financial systems. Its groundbreaking rise to $100,000 represents not only its growing popularity but also the challenges and opportunities it continues to bring to global markets.
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
