Bitcoin hits $100K after Trump victory
A historic milestone was reached in the cryptocurrency market as Bitcoin surpassed $100,000 for the first time marking a watershed moment for digital currencies. The breakthrough came amid a surge fueled by Donald Trump's recent election victory and his pro-crypto campaign promises.
The cryptocurrency market's total value has nearly doubled this year, reaching approximately $3.8 trillion, rivaling the market capitalization of tech giant Apple. Bitcoin alone has seen a more than 100% increase in 2024, with a remarkable 50% surge in the four weeks following Trump's election.
The president-elect's campaign platform included promises to make the United States the "crypto capital of the planet" and establish a national bitcoin reserve. Trump's nomination of cryptocurrency lobbyist Paul Atkins to head the Securities and Exchange Commission has been interpreted as a signal of a more favorable regulatory environment for digital assets.
Bitcoin reached $102,888, representing a 45% increase since election day. The rally has extended to other cryptocurrencies as well. Mike Novogratz, founder and CEO of Galaxy Digital, described the moment as a "paradigm shift," highlighting the increasing institutional adoption and regulatory clarity in the digital asset space.
The milestone represents a dramatic transformation for Bitcoin, which was created in 2008 by the still-unidentified Satoshi Nakamoto. While its journey has been marked by significant volatility, supporters view this breakthrough as validation of cryptocurrency's potential in mainstream finance.
Trump's embrace of cryptocurrency marks a notable reversal from his previous stance, when he had dismissed Bitcoin as a "scam." His campaign has criticized the Biden administration's cryptocurrency policies and pledged to protect Bitcoin mining and citizens' rights to hold and trade digital assets without government interference.
