Cryptocurrencies soared to new highs after Paul Atkins was named chairman of the Securities and Exchange Commission.
Bitcoin topped $100,000 for the first time, boosted by U.S. President-elect Donald Trump's decision to appoint a cryptocurrency champion to lead the country's securities regulator.
The world's most popular cryptocurrency soared to an all-time high of more than $103,000 on Thursday, drawing cheers from crypto enthusiasts who have seen the value of their holdings more than double this year.
“What an epic milestone,” Anthony Pompliano, a crypto enthusiast and founder and CEO of Professional Capital Management, said in a video posted to X.
(Al Jazeera)
“There are many people around the world who did their homework, thought independently and critically, and bought something no one had ever heard of before.”
“$100,000 per Bitcoin doesn’t just represent the price,” Dan Held, a prominent crypto investor and enthusiast, told X.
“This represents the world gradually accepting Bitcoin as the reserve currency of the future. It represents a rejection of the existing financial system. It represents economic freedom.”
The recent surge came after President Trump nominated Paul Atkins, who is seen as an advocate of deregulation of digital assets, to head the Securities and Exchange Commission.
In his announcement about Truth Social, President Trump described Atkins, CEO of Patmac Partners, as a “proven leader of common sense regulation.”
“He believes in the promise of robust, innovative capital markets that respond to investor needs and provide the capital to make our economy the best in the world. We also recognize that it's important to making America greater than ever,” President Trump said.
If confirmed by the U.S. Senate, Atkins, who served as SEC commissioner under former President George W. He will succeed Gary Gensler, who previously held the position.
Bitcoin's incredible growth, much of which has occurred since President Trump's November 5 election victory, has positioned the product as one of the best-performing assets of 2024.
The digital currency is up more than 130% so far this year, far outpacing the S&P 500's 28% rise.
Trump, who once labeled Bitcoin a “scam” and was a cryptocurrency skeptic, emerged as an avid supporter of the digital asset during his re-election campaign.
Republicans have pledged to make the United States the “crypto capital of the planet” and establish a “strategic national Bitcoin stockpile,” among other promises.
In September, he announced the launch of his own cryptocurrency business, World Liberty Financial, with his three sons.
Invented in 2008 by an unidentified person known as Satoshi Nakamoto, Bitcoin has been praised by supporters as a way to escape the control of governments and central banks.
Critics highlight the product's volatility and its use by criminals to avoid detection.
