President-elect Trump Is Fueling the New Crypto Wave

Key Points:

• Bitcoin surpassed $100,000 for the first time, propelling the cryptocurrency market’s value to a record $3.8 trillion.
• President-elect Trump’s pro-crypto stance, including appointing Paul Atkins to lead the SEC, has fueled confidence in the industry.

Bitcoin breached the $100,000 mark for the first time on Thursday, a milestone for the cryptocurrency market. Investors have flocked to the digital asset, betting that President-elect Trump administration will further cement its place in financial markets.

Read more: President-elect Donald Trump Congratulates Bitcoin Holders On Surpassing $100K

Bitcoin Breaches $100K as Crypto Market Reaches All-Time High

According to Reuters, the total value of the cryptocurrency market surged to a record $3.8 trillion, nearly doubling. This positions it slightly ahead of Apple, which, at $3.7 trillion, is considered the world’s most valuable company.

In the 16 years since its creation, Bitcoin has evolved from a niche libertarian experiment into a recognized asset class welcomed by Wall Street. The cryptocurrency’s rise has minted millionaires, popularized “decentralized finance,” and inspired widespread interest in digital assets.

Bitcoin is trading at more than $100,800 at the time of writing. This means a more-than-doubling so far this year and is especially a sharp 50 per cent increase in the four weeks immediately after Donald Trump’s presidential victory. Trump’s government, by virtue of several pro-crypto legislators therein, has spurred optimism among investors.

Pro-Crypto Policy Fuel Optimism Among Investors Under President-Elect Trump

Thursday’s price increase came after President-elect Trump nominated Paul Atkins, a former commissioner of the SEC, to head the Securities and Exchange Commission. Atkins is considered a pro-regulatory leader as he has been involved in crypto policy as co-chair of the Token Alliance and working with the Chamber of Digital Commerce.

Trump had earlier spoken negatively about cryptocurrencies but reversed course during the campaign with promises to make the U.S. the “crypto capital of the planet” and establish a national Bitcoin reserve. Crypto companies Ripple, Kraken, and Circle are said to be among those angling for spots on a crypto advisory council that Trump has proposed.