Bitcoin soared to an all-time high of $100,000 on Wednesday following President-elect Donald Trump’s announcement of key administration picks, including Paul Atkins, a known cryptocurrency advocate, as the next head of the Securities and Exchange Commission (SEC).
This marks a pivotal moment for the cryptocurrency market, as Atkins is expected to adopt a more lenient regulatory stance compared to outgoing SEC Chair Gary Gensler, who aggressively targeted the industry.
Atkins’ nomination triggered a sharp rally in Bitcoin’s price, which had already been climbing since Trump’s projected election win in early November. The cryptocurrency has surged 130% this year, far outpacing traditional stock indices like the S&P 500, which gained 28% in the same period.
Trump’s evolving stance on Bitcoin has also played a role in the market’s optimism. Once a vocal critic, Trump shifted his tone during his re-election campaign, appealing to younger voters by advocating for cryptocurrency adoption. In July, he headlined a major crypto convention, pledging to create a “strategic national bitcoin stockpile” and retain Bitcoin seized from criminal activity instead of auctioning it off.
Trump’s actions further bolstered his crypto-friendly image. In September, he launched World Liberty Financial, his own cryptocurrency business, and made headlines by purchasing food with Bitcoin at a New York bar frequented by crypto enthusiasts. Reports also indicate that Trump’s media company is exploring a deal to acquire the crypto trading platform Bakkt.
The cryptocurrency sector has rallied behind Trump’s presidency, contributing over $131 million to pro-crypto candidates in the recent elections. Trump’s campaign, which began accepting Bitcoin donations in May, raised millions, solidifying his support among digital asset advocates.
While Federal Reserve Chair Jerome Powell described Bitcoin as a speculative asset akin to gold, Trump’s administration appears poised to embrace a different approach. In addition to Atkins, Trump has tapped Cantor Fitzgerald CEO Howard Lutnick, a Tether proponent, for another key role and is reportedly considering a White House position dedicated solely to cryptocurrency policy.
As Bitcoin’s record-breaking rally continues, proponents like Anthony Pompliano, a noted crypto investor, predict even greater gains ahead. “If you like Bitcoin at $100,000, you’re going to love it at $1 million,” he said, underscoring the bullish sentiment within the crypto community.
Email your news TIPS to Editor@kahawatungu.com or WhatsApp +254707482874