Bitcoin breaks $100,000 milestone as optimism grows over Trump’s pro-crypto policies

Bitcoin surpassed the $100,000 mark for the first time on Thursday, driven by optimism that U.S. president-elect Donald Trump will pursue policies aimed at deregulating the cryptocurrency sector once he takes office next month.

The milestone was reached during early Asian trading hours, with the digital currency hitting $100,010. This marks a sharp rise of over 50% since Trump’s election on November 5 and an impressive 134% increase since the beginning of the year.

Trump’s campaign rhetoric included a pledge to make the United States “the bitcoin and cryptocurrency capital of the world,” a statement that has buoyed market sentiment and fueled the rally.

The cryptocurrency’s momentum had stalled in recent weeks, hovering below the six-figure threshold as traders awaited further developments. The breakthrough came after reports that Trump plans to appoint cryptocurrency advocate Paul Atkins as the new chair of the Securities and Exchange Commission (SEC).

Atkins, who served as an SEC commissioner from 2002 to 2008, is a noted supporter of digital assets. He founded Patomak Global Partners in 2009, a consultancy firm whose clients include major players in banking, trading, and cryptocurrency industries.

An announcement from Trump’s transition team highlighted Atkins’ leadership role as co-chairman of the Digital Chamber of Commerce, an organization promoting the adoption of blockchain and digital assets. He has held this position since 2017.

“Paul is a proven leader for common sense regulations,” Trump said in a statement, praising Atkins’ dedication to fostering “robust, innovative” capital markets. “He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.

Atkins is expected to replace current SEC Chair Gary Gensler, who oversaw a regulatory crackdown on cryptocurrencies following a market downturn in 2022.