Bitcoin Surges above $100,000 for the First Time as Trump Picks Pro-crypto SEC Chair

By Evans Momodu
4 minute read


Bitcoin has achieved a historic milestone, surging past $100,000 for the first time, buoyed by political developments signaling potential crypto-friendly policies in the United States.

This record-breaking rally follows the announcement of President-elect Donald Trump’s pick for the Securities and Exchange Commission (SEC), Paul Atkins, a known cryptocurrency advocate.

Atkins, who has a history of favouring lighter regulation of cryptocurrencies, is expected to take a markedly different approach compared to outgoing SEC Chair Gary Gensler.

Under Gensler, the SEC pursued aggressive measures against crypto firms, creating a challenging environment for the industry in the U.S.

Once a sceptic of Bitcoin, Trump’s views have undergone a dramatic shift. Recognising the political and economic potential of cryptocurrencies, he has embraced the sector. Highlights of Trump’s crypto-friendly stance include:

• Advocating for a strategic national Bitcoin stockpile.
• Launching his own cryptocurrency business, World Liberty Financial.
• Accepting campaign donations in crypto, which helped raise significant funds.
• Engaging directly with the crypto community, including high-profile appearances at events and publicised Bitcoin transactions.

Bitcoin's meteoric rise from $74,000 to over $100,000 within weeks reflects the market's confidence in a pro-crypto U.S. administration. This rally outpaces broader market performance, including the S&P 500's 28% annual gain, as investors bet on regulatory reforms and increased institutional adoption of digital assets.

Implications for the Crypto Industry

With Trump's appointments, including Atkins and Howard Lutnick, the industry anticipates:

• Regulatory clarity and a more lenient environment for innovation.
• The establishment of a White House crypto policy office,  which would be a first in U.S. history.
• Potential U.S. leadership in cryptocurrency mining and technology development.

Challenges and Scepticism

Despite the enthusiasm, scepticism remains. Federal Reserve Chair Jerome Powell, while acknowledging Bitcoin’s similarities to gold, dismissed its potential to rival the dollar as a primary payment method. Regulatory debates are likely to continue as the new administration balances innovation with financial stability.

Looking Ahead

As the U.S. prepares for this policy shift, the crypto industry is optimistic about broader adoption and the possibility of reaching new price milestones.

As Anthony Pompliano suggested, Bitcoin’s journey to $1 million may feel increasingly plausible if the current momentum holds.

The next chapter for cryptocurrency in the U.S. appears poised for transformation, with political will, market dynamics, and innovation driving the narrative.
Source: CNN