Bitcoin Hits $100,000: Trump’s Pro-Crypto SEC Pick Fuels Market Surge

Bitcoin reached a historic milestone of $100,000 on Wednesday, marking a new record fueled by President-elect Donald Trump’s announcement of key administration picks, including Paul Atkins as the incoming chair of the Securities and Exchange Commission (SEC). Paul Atkins, a former SEC commissioner and vocal cryptocurrency advocate, is expected to implement a more lenient regulatory approach to crypto. This would contrast sharply with the aggressive stance of outgoing SEC Chair Gary Gensler, who is known for his hardline policies on cryptocurrency and is set to step down on Inauguration Day.

Bitcoin’s leap to $100,000 came within hours of Donald Trump’s pick, continuing a rally that began when his election victory was projected on November 6. That day alone saw Bitcoin spike $6,000 to surpass $74,000, and within weeks, it soared to $90,000 before hitting its current milestone.

#Bitcoin pic.twitter.com/uuiXHGstyy

— Bitcoin (@Bitcoin) December 5, 2024

A Year of Unprecedented Gains

Bitcoin’s 130% year-to-date rise has vastly outperformed traditional markets, with the S&P 500 climbing a comparatively modest 28%. The cryptocurrency’s gains reflect a growing optimism for crypto-friendly policies under the Trump administration, which has openly embraced digital assets in its rhetoric and initiatives.

Once a skeptic, Trump has dramatically shifted his stance on cryptocurrency. In 2019, he criticized Bitcoin as “not money” and “highly volatile,” but by 2024, he has rebranded himself as a pro-crypto advocate.

In July, Trump headlined the largest crypto conference in Nashville, promising to establish a “strategic national bitcoin stockpile” and advocating for retaining government-seized Bitcoin instead of auctioning it. His pro-crypto pivot aligns with his effort to court younger male voters, a demographic more likely to own cryptocurrencies.

Trump’s Crypto Ventures

The former president’s crypto enthusiasm extends beyond policy. In September, he launched a cryptocurrency business called World Liberty Financial and made headlines by purchasing burgers with Bitcoin at a popular Manhattan bar. Trump’s media company, which owns Truth Social, is reportedly exploring a buyout of Bakkt, a crypto trading forum.

These efforts signal a broader push to integrate cryptocurrency into Trump’s brand and governance, reinforcing his commitment to “make Bitcoin a central part of America’s future,” as he has often stated.

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Crypto Industry Backs Trump

The cryptocurrency sector has overwhelmingly supported Trump’s campaign and the Republican Party, pouring $131 million into pro-crypto candidates during the midterm elections. Trump’s campaign, which began accepting crypto donations in May, raised millions from the move.

Anthony Pompliano, a prominent crypto advocate, celebrated Bitcoin’s milestone, predicting, “If you like Bitcoin at $100,000, you’re going to love it at $1 million.”

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Skeptics Remain

Despite the optimism, not all financial regulators share the enthusiasm. Federal Reserve Chair Jerome Powell reiterated his view of Bitcoin as a speculative asset, comparing it to gold rather than a competitor to the U.S. dollar. “It’s not a mainstream payment option,” Powell remarked at a conference.

Looking Ahead

Trump’s pro-crypto stance signals a potential shift in U.S. policy, with speculation about creating a dedicated White House crypto role under his administration. With Atkins’ appointment and continued institutional support, Bitcoin’s rally may be the beginning of a new era for cryptocurrency in America.