Bitcoin soared to an unprecedented $100,000 on Wednesday following President-elect Donald Trump’s announcement of key administration picks, signaling a potential crypto-friendly shift in policy.
The spotlight is on Paul Atkins, Trump’s nominee for SEC Chair, known for his lenient stance on cryptocurrency regulation. Atkins is expected to replace Gary Gensler, who aggressively clamped down on the industry during the Biden era and is set to step down on Inauguration Day.
The market reacted instantly, with Bitcoin skyrocketing to six figures just hours after Atkins’ nomination. This milestone caps off a dramatic rally that began on November 6 when Trump’s projected victory triggered a $6,000 single-day spike, catapulting Bitcoin past $74,000. It then surged to $90,000 in just a week.
Trump’s surprising pivot from crypto skeptic to advocate has been pivotal. Once dismissing Bitcoin as “not money,” Trump has embraced the sector, courting younger voters and unveiling bold crypto initiatives. In July, he proposed a national bitcoin reserve, and in September, he launched his crypto firm, World Liberty Financial.
Trump’s evolving stance has cemented his position as a crypto champion, further bolstered by plans to create a White House role dedicated to cryptocurrency policy. This shift has galvanized the crypto community, which funneled $131 million into pro-crypto campaigns during the election cycle.
As Bitcoin’s rally continues to dominate headlines, crypto enthusiasts are bracing for what could be a transformative era for digital assets under the Trump administration. As Anthony Pompliano, a prominent crypto advocate, put it: “If you like Bitcoin at $100,000, you’ll love it at $1 million.”
