Bitcoin soared to an all-time high of $100,000 on Wednesday following President-elect Donald Trump\u2019s announcement of key administration picks, including Paul Atkins, a known cryptocurrency advocate, as the next head of the Securities and Exchange Commission (SEC).<\/p>\n
This marks a pivotal moment for the cryptocurrency market, as Atkins is expected to adopt a more lenient regulatory stance compared to outgoing SEC Chair Gary Gensler, who aggressively targeted the industry.<\/p>\n
Atkins\u2019 nomination triggered a sharp rally in Bitcoin\u2019s price, which had already been climbing since Trump\u2019s projected election win in early November. The cryptocurrency has surged 130% this year, far outpacing traditional stock indices like the S&P 500, which gained 28% in the same period.<\/p>\n
Trump\u2019s evolving stance on Bitcoin has also played a role in the market\u2019s optimism. Once a vocal critic, Trump shifted his tone during his re-election campaign, appealing to younger voters by advocating for cryptocurrency adoption. In July, he headlined a major crypto convention, pledging to create a “strategic national bitcoin stockpile” and retain Bitcoin seized from criminal activity instead of auctioning it off.<\/p>\n
Trump\u2019s actions further bolstered his crypto-friendly image. In September, he launched World Liberty Financial, his own cryptocurrency business, and made headlines by purchasing food with Bitcoin at a New York bar frequented by crypto enthusiasts. Reports also indicate that Trump\u2019s media company is exploring a deal to acquire the crypto trading platform Bakkt.<\/p>\n
The cryptocurrency sector has rallied behind Trump\u2019s presidency, contributing over $131 million to pro-crypto candidates in the recent elections. Trump’s campaign, which began accepting Bitcoin donations in May, raised millions, solidifying his support among digital asset advocates.<\/p>\n
While Federal Reserve Chair Jerome Powell described Bitcoin as a speculative asset akin to gold, Trump\u2019s administration appears poised to embrace a different approach. In addition to Atkins, Trump has tapped Cantor Fitzgerald CEO Howard Lutnick, a Tether proponent, for another key role and is reportedly considering a White House position dedicated solely to cryptocurrency policy.<\/p>\n
As Bitcoin\u2019s record-breaking rally continues, proponents like Anthony Pompliano, a noted crypto investor, predict even greater gains ahead. \u201cIf you like Bitcoin at $100,000, you\u2019re going to love it at $1 million,\u201d he said, underscoring the bullish sentiment within the crypto community.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin soared to an all-time high of $100,000 on Wednesday following President-elect Donald Trump\u2019s announcement of key administration picks, including Paul Atkins, a known cryptocurrency advocate, as the next head of the Securities and Exchange Commission (SEC). This marks a pivotal moment for the cryptocurrency market, as Atkins is expected to adopt a more lenient<\/p>\n","protected":false},"author":136,"featured_media":284868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-284867","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n