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Bitcoin has recently surpassed the $100,000 threshold for the first time, reaching a peak of $103,359.00.
The milestone follows Donald Trump’s announcement regarding a new leadership appointment at the Securities and Exchange Commission (SEC) under his administration. Despite this achievement, Bitcoin’s valuation continues to be assessed in U.S. dollars, positioning it more as an alternative investment or payment method rather than a direct substitute for traditional fiat currencies.
The surge in Bitcoin’s price can be traced back to the news of Trump’s victory in the 2024 U.S. Presidential Election. On Election Day, Bitcoin was valued at approximately $69,000 but quickly climbed to around $75,000 following Trump’s win, according to CoinDesk data.
The upward trajectory reflects investor optimism about a potentially more favourable regulatory setting for cryptocurrencies under Trump’s leadership.
Trump has initiated plans for his own cryptocurrency platform and has committed to retaining the federal government’s Bitcoin holdings. Additionally, he has pledged to dismiss SEC chair Gary Gensler, who has been a proponent of stricter regulations on crypto companies. Gensler is expected to resign from his position in January.
The final catalyst that propelled Bitcoin past the $100k mark occurred shortly after Trump revealed several nominations for his administration, including former Republican SEC commissioner Paul Atkins as his choice to lead the agency.
Atkins has previously served as co-chair of the Chamber of Digital Commerce’s Token Alliance and is recognised by Trump as someone who “recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Moreover, other contributing factors to the Bitcoin price surge include the commencement of options trading on BlackRock’s Bitcoin exchange-traded fund, which recorded an impressive $1.9 billion in trades on its opening day.