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A neon sign indicates that Bitcoin is accepted at the venue of the Paralelni Polis project, an organization that combines art, social science and modern technology, in Prague, Czech Republic, Friday, January 5, 2024.
Milan Jaros | Bloomberg | Getty Images
Price for bitcoin It broke the long-awaited $100,000 benchmark for the first time late Wednesday.
The leading cryptocurrency was up more than 3% at $102,485.78 in early Thursday trading, according to Coin Metrics. It previously rose to $103,844.05. Bitcoin is now up more than 140% in 2024 and 48% since the election.
Such a step was taken after the election of the president Donald Trump announced plans to nominate Paul Atkins As chairman of the Securities and Exchange Commission, fulfilling perhaps the most important campaign promise to the crypto industry: replacing Gary Gensler, who has become a crypto villain over the agency’s regulation of the industry under his leadership’s enforcement approach. .
It’s a day of celebration for longtime bitcoin investors who have held on for dear life, or “HODL,” through the cryptocurrency’s several boom-and-bust cycles, during which governments and financial institutions remained dismissive and even hostile to the asset. in the classroom.
This is largely due to cryptocurrency’s anti-establishment roots. The original idea for Bitcoin was proposed at the height of the 2008 financial crisis: “a peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the use of a financial institution,” its founder. , Satoshi Nakamoto, wrote Bitcoin White Paper.
However, in recent years, the industry has proven bitcoin’s value to much of the institutional investment world. BlackRocktrust, I invest and others launched the first bitcoin ETFs earlier this year, marking the moment of bitcoin’s “IPO,” and growing demand from institutions has helped drive up the price. In November, Rick Wurster, the company’s new CEO Charles Schwabsaid firm is is about to start instant cryptocurrency tradingpending regulatory changes expected under the next Trump administration.
On Wednesday, Federal Reserve Chairman Jerome Powell said bitcoin is “just like gold, only it’s virtual, it’s digital.” speaking at the DealBook conference. He also explained that “people don’t use it as a form of payment or as a store of value” and that “it’s not a competitor to the dollar, it’s really a competitor to gold.”
“We are witnessing a paradigm shift. After four years in political purgatory, bitcoin and the entire digital asset ecosystem are on the verge of entering the financial mainstream,” Galaxy Digital CEO Mike Novogratz told CNBC.
Bitcoin had been it is widely expected to top $100,000 level since the US presidential election. However, excited investors sent bitcoin closer to that mark much faster than originally expected; On November 22, it rose to $99,849.99.
Expectations are high that President-elect Trump will deliver several pro-crypto initiatives next year, including the creation of a national strategic bitcoin reserve or stockpile, tax-free crypto transactions, and the opening of crypto public stock markets with more IPOs.
“Long-term, I’m bullish,” Novogratz added. “It’s not going to be a straight line, and investors should always consider taking profits off the table. But with a pro-crypto administration taking over the US, it’s going to be hard for the rest of the world not to take note.”
