The digital unit has jumped more than 50 percent since the tycoon’s poll win — and around 140 percent since the turn of the year
Bitcoin exchange advertisement truck in Hong Kong passes by as the cryptocurrency burst past $100,000 for the first time on 4 December as traders welcomed Donald Trump’s pick to head the US securities commission.
Mladen ANTONOV/Agence France-Presse
Bitcoin broke $100,000 for the first time Thursday as traders cheered Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sector.
The cryptocurrency soared through the mark to a peak of $103,800, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world.”
The digital unit has jumped more than 50 percent since the tycoon’s poll win — and around 140 percent since the turn of the year.
However, the unit’s advance stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts to buy in.
That came with news that Trump has fingered major crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission (SEC).
Risk consultant
Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.
An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.
“Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.
“He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.
He would replace Gary Gensler, who led a crackdown on the sector after a 2022 market rout.
Even so, the SEC this year authorized the trading on the American market of two new financial products allowing a wider public to buy cryptocurrencies, called ETFs.
One is backed by the price of bitcoin and the other by ether, the second most popular unit by capitalization.
“Atkins, a conservative legal eagle with a track record of critiquing the SEC’s tough stance on cryptocurrency firms, is expected to steer a more crypto-friendly course,” said Stephen Innes at SPI Asset Management.
“This strategic move has electrified the crypto community, fueling investor optimism about a potentially more accommodating regulatory landscape under Atkins’ watch, aligning with broader Republican advocacy for a lenient approach to the flourishing digital asset market.”
Trump’s U-turn
Despite having once branded cryptocurrencies a “scam,” Trump changed his stance and has been a major advocate of the unit during his election campaign.
In September, he announced that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.
He has also become a close friend of tycoon Elon Musk, who he said would lead a new US government-efficiency group tasked with cutting federal waste.
Musk reportedly spent more than $100 million to help Trump regain the White House, repeatedly boosting his candidacy on his X social media platform.
Reacting on X to the news of Bitcoin hitting the $100,000 mark, Musk wrote: “Wow.”
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