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Cryptocurrency surges to new high after Paul Atkins appointed head of Securities and Exchange Commission.
Bitcoin has topped $100,000 for the first time, boosted by US President-elect Donald Trump’s decision to appoint a cryptocurrency advocate to lead the nation’s securities regulator.
The world’s most popular cryptocurrency hit an all-time high above $103,000 on Thursday, prompting cheers from crypto enthusiasts, which have more than doubled in value this year.
“What an epic turnaround,” Anthony Pompliano, crypto enthusiast and founder and CEO of Professional Capital Management, said in a video posted on X.
“There are so many people all over the world who did their homework, thought independently and critically, and bought this thing that no one had heard of before.”
“$100,000 for Bitcoin doesn’t just represent the price,” noted crypto investor and enthusiast Dan Held told X.
“It shows that the world is gradually recognizing Bitcoin as the reserve currency of the future. It represents a rejection of the existing financial system. It represents financial freedom.
The latest uptick comes after Trump named Paul Atkins, who is seen as an advocate for looser regulation of digital assets, to the Securities and Exchange Commission.
In a statement on Truth Social, Trump described Atkins, CEO of Patomak Partners, as “a proven leader in common sense regulations.”
“He believes in the promise of strong, innovative capital markets that respond to the needs of investors and provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are critical to making America greater than ever,” Trump said.
If confirmed by the US Senate, Atkins, who served as SEC commissioner under former President George W. Bush, will succeed Gary Gensler, who was widely disliked among cryptocurrency investors for his aggressive enforcement actions targeting the industry.
Bitcoin’s stunning growth, much of which has occurred since Trump won the election on November 5, ranks the commodity among the best assets for 2024.
The digital currency is up more than 130 percent so far this year, far outpacing the S&P 500’s 28 percent gain.
Once a crypto-sceptic who called Bitcoin a “scam,” Trump became a passionate advocate for the digital asset during his re-election campaign.
The Republican has promised to make the US the “cryptocurrency capital of the planet” and create a “strategic national Bitcoin reserve,” among other promises.
In September, he and his three sons announced the launch of their crypto business, World Liberty Financial.
Invented in 2008 by an unidentified person known as Satoshi Nakamoto, Bitcoin has been hailed by its proponents as a way to escape the scrutiny of governments and central banks.
Detractors have pointed to the commodity’s volatility and the fact that criminals use it to evade detection.
