Bitcoin surged past $100,000 for the first time on Thursday, driven by optimism surrounding the election of Republican Donald Trump as U.S. president. Investors anticipate his administration will foster a regulatory environment favorable to cryptocurrencies.
The cryptocurrency has more than doubled in value this year, climbing 45% in the four weeks since Trump’s decisive election victory, which also saw the election of several pro-crypto lawmakers to Congress.
Bitcoin was trading at $103,330 at 10 am PST, after hitting $100,277 earlier in the day.
“We’re witnessing a paradigm shift,” said Mike Novogratz, CEO of Galaxy Digital. “After four years of regulatory uncertainty, Bitcoin and the broader digital asset ecosystem are poised to enter the financial mainstream. This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory framework.”
More than 16 years after its inception, Bitcoin is approaching widespread acceptance, overcoming skepticism and controversies.
“Crossing $100,000 is more than a milestone; it’s a testament to shifting dynamics in finance, technology, and geopolitics,” said Justin D’Anethan, an independent crypto analyst based in Hong Kong. “What was once deemed fantasy is now reality.”
Trump’s campaign embraced digital assets, pledging to make the U.S. the “crypto capital of the planet” and build a national Bitcoin reserve. His presidency is expected to mark the end of increased scrutiny under SEC Chair Gary Gensler, who announced plans to step down in January as Trump takes office.
Trump has announced plans to nominate Paul Atkins, a former SEC commissioner with crypto policy experience, to lead the agency. Atkins co-chairs the Token Alliance, which advocates for best practices in digital asset issuance and trading, and the Chamber of Digital Commerce.
Crypto companies like Ripple, Kraken, and Circle are reportedly vying for influence on Trump’s promised crypto advisory council, aiming to shape the administration’s planned overhaul of U.S. crypto policy.
Trump’s personal ties to the sector have also fueled bullish sentiment. In September, he launched a crypto venture, World Liberty Financial, though details remain scarce. Additionally, Trump Media and Technology Group, which runs Truth Social, is reportedly in advanced talks to acquire crypto trading platform Bakkt, signaling deeper involvement in the industry.
Billionaire Elon Musk, a close Trump ally and vocal cryptocurrency advocate, adds further momentum to the sector’s growth.
Bitcoin’s remarkable rebound from its late-2022 slump below $16,000 has been bolstered by the SEC’s approval of Bitcoin exchange-traded funds (ETFs) earlier this year. Once resisted due to investor protection concerns, these ETFs have made Bitcoin more accessible to institutional and retail investors alike.
Since the election, U.S.-listed Bitcoin ETFs have attracted over $4 billion in inflows, underscoring the growing confidence in the cryptocurrency’s future.
