On Wednesday, Bitcoin reached a record high of $100,000, marking a major milestone prompted by the news of President-elect Donald Trump’s choice of Paul Atkins to lead the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner and vocal advocate for cryptocurrency, is expected to take a more crypto-friendly regulatory approach compared to his predecessor, Gary Gensler, who heavily curtailed its expansion during the Biden administration.
This announcement follows a stunning post-election rally for Bitcoin, which gained momentum after Trump was projected to win the presidency on November 6. That win triggered a six thousand dollar price increase in a single day, elevating Bitcoin above $74,000, and ongoing increases propelled it to $90,000 in just a week. The cryptocurrency has increased 130% since the beginning of the year, greatly surpassing the S&P 500’s twenty eight percent increase during that time.
Trump’s shift to accepting cryptocurrency reflects a notable change from his earlier viewpoint, in which he described Bitcoin as ‘not money and extremely volatile’. Prior to his reelection campaign, Trump made a concerted effort to engage with the crypto community, a growing and significant group of younger male voters.
In July, Trump headlined the nation’s largest cryptocurrency convention in Nashville, declaring his intention to establish a “strategic national bitcoin stockpile.” He also pledged to retain bitcoin confiscated from criminals rather than selling it at government auctions, a departure from current practices. “If crypto is going to define the future, I want it to be mined, minted, and made in the USA,” he told attendees.
The campaign trail also saw Trump embracing crypto in high-profile ways. In September, he launched his own cryptocurrency business, World Liberty Financial, and made headlines by purchasing burgers in Manhattan using bitcoin. His media company, which owns Truth Social, is reportedly in talks to acquire Bakkt, a prominent crypto trading platform.
The cryptocurrency industry has rallied around Trump, contributing an estimated $131 million to pro-crypto Republican candidates in congressional races this election cycle. Additionally, Trump’s campaign raised millions through crypto donations after beginning to accept them in May.
Trump’s pro-crypto stance appears to extend beyond rhetoric. Alongside Atkins, Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald and a supporter of Tether, to his economic team. There are also reports of plans to create a dedicated White House role focused solely on crypto policy.
As the crypto community rejoices over Trump’s win, doubts persist among conventional financial regulators. Federal Reserve Chair Jerome Powell, for example, characterized Bitcoin as “a speculative asset,” comparing it more to gold rather than a practical substitute for the dollar. Powell pointed out that even with Bitcoin’s features, it does not have broad acceptance for payments in the U.S.
Nonetheless, the market’s excitement highlights the possibility of considerable policy changes during Trump’s presidency. Notable cryptocurrency supporter Anthony Pompliano captured the enthusiasm in a post on X, saying, “If you feel positive about Bitcoin at $100,000, you’ll adore it at $1 million.”
As the crypto industry gains momentum and a new government prepares to reshape the regulatory framework, Bitcoin’s unprecedented performance may indicate the onset of a transformative period.