New Delhi: Bitcoin’s value surpassed $100,000 for the first time on Thursday, as traders anticipate a favorable regulatory climate under the incoming US President Donald Trump, according to a report by news agency Reuters. “Bitcoin reaching $100,000 signifies more than a mere milestone; it reflects the evolving dynamics in finance, technology, and geopolitics,” stated Justin D’Anethan, an independent crypto analyst based in Hong Kong, in his comments to Reuters.
Trump’s supportive position on cryptocurrencies is expected to promote their growth once he takes office in January 2025. This year, Bitcoin’s value has more than doubled, with an increase of approximately 45% in the four weeks following Trump’s decisive election victory.
On Wednesday, Trump announced his intention to nominate former SEC commissioner Paul Atkins to lead the Securities and Exchange Commission. Atkins has co-chaired the Token Alliance, which aims to establish best practices for digital asset issuances and trading platforms, as well as the Chamber of Digital Commerce.
Additionally, Trump has pledged to establish a new crypto advisory council, with several cryptocurrency firms, including Ripple, Kraken, and Circle, vying for representation. Industry executives believe that this council will play a significant role in shaping Trump’s proposed reforms of US cryptocurrency policy.
Elon Musk, an American billionaire and supporter of Trump, also advocates for more lenient regulations regarding crypto assets.
“We are witnessing a fundamental shift. After four years of political uncertainty, Bitcoin and the broader digital asset ecosystem are poised to enter the financial mainstream,” remarked Mike Novogratz, founder and CEO of the US-based crypto firm Galaxy Digital.
“This momentum is driven by institutional adoption, advancements in tokenization and payment systems, and a more defined regulatory framework,” Novogratz further noted.
Trump’s evolving perspective
During his initial term, Trump labeled cryptocurrencies as a “scam.” His decision to reduce corporate taxes during that period injected more liquidity into the markets, leading to increased investments in high-growth assets such as cryptocurrencies.
Throughout the election campaign, Trump presented himself as a candidate supportive of cryptocurrencies, vowing to establish the United States as the global hub for bitcoin and other digital currencies. He also committed to preventing the federal government from selling off its cryptocurrency holdings.
