Bitcoin's price rose above $100,000 for the first time on Thursday, amid growing expectations that Donald Trump will create a crypto-friendly regulatory environment when he heads to the White House next year.
The milestone came as President Trump announced his nomination of Paul Atkins to head the Securities and Exchange Commission, a position expected to bring about market deregulation. The president-elect had promised during his campaign to replace Chairman Gary Gensler, an appointee of President Joe Biden whose executive actions led to clashes with Wall Street.
President Trump also vowed at the Bitcoin Conference in Nashville in July to establish a crypto-friendly administration and overhaul U.S. policy, including plans for a new Cryptocurrency Advisory Board.
The president-elect celebrated the milestone Thursday morning in a post on his Truth Social platform, taking credit for it: “Congratulations Bitcoiner!!! $100,000!!! Welcome!!!”
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bitcoin price chart
Bitcoin has been soaring for months
Excitement over a crypto-friendly regime has seen Bitcoin, the world's largest and most well-known cryptocurrency, reach the long-awaited $100,000 milestone for months.
The 16-year-old cryptocurrency is a digital currency that does not rely on banks to verify transactions.
Bitcoin's value has more than doubled this year and has soared more than 45% since the Nov. 5 U.S. presidential election, which saw a number of pro-cryptocurrency lawmakers elected to Congress. Since Trump's landslide victory, traders have been betting that Trump's pledge to support cryptocurrencies will lead to a loosening of the regulatory environment and lift the sector as a whole, Reuters reported.
Mr. Trump has announced his promise to become the “crypto president” and end Mr. Biden's crackdown on crypto companies, which regulators have accused of ignoring securities and anti-money laundering laws. He appealed for support and campaign contributions.
The industry is calling for an executive order, an end to enforcement actions, and other changes that would guarantee crypto companies access to banking services.
President Trump hints at support for virtual currencies
The Bitcoin benchmark was set the same week that President Trump announced his nomination of Paul Atkins to head the Securities and Exchange Commission.
Atkins, 66, is the CEO and founder of Patomac Global Partners, a financial consulting firm whose clients include crypto companies and exchanges.
Atkins is known as a pro-business figure, a former federal regulator who favors the budding cryptocurrency industry. He is well known in the Republican business community and is co-chairman of the Token Alliance, a digital chamber of commerce that has fought SEC regulations targeting the industry and advocated for Bitcoin and other digital currencies. .
Gensler will step down in January after four years in the role and regularly venturing into the crypto industry.
Trump himself has dabbled in cryptocurrencies. He has released crypto-based digital trading cards, and Trump Media and Technology Group, which runs Truth Social, is reportedly close to acquiring cryptocurrency trading firm Bakkt. The Trump family launched their own cryptocurrency company, World Liberty Financial, in September.
Contributors: Nicole Fallert, Joey Garrison, Mike Snider, USA TODAY. Reuters
Eric Lagatta covers the latest and trending news for USA TODAY. Please contact elagatta@gannett.com.
