Bitcoin Hits $100K Amid Trump's Pro-Crypto Push: A Financial Revolution Takes Shape
Bitcoin surged past the $100,000 mark for the first time on Thursday, buoyed by market optimism following Donald Trump's presidential victory and promises of crypto-friendly policies. This milestone represents a dramatic shift for the digital asset ecosystem, with Bitcoin's value more than doubling this year and soaring 45% since the November election.
As of 0240 GMT, Bitcoin was trading at $100,027, a 2.2% increase from the previous session, after hitting an intraday high of $100,277. Market analysts hailed this as a transformative moment for finance. Mike Novogratz, CEO of Galaxy Digital, remarked, “This isn’t just about Bitcoin; it’s the dawn of mainstream acceptance for the digital asset economy, driven by institutional investment, innovation in tokenization, and clearer regulatory pathways.”
Trump's administration appears poised to redefine crypto’s future in the U.S., with sweeping policy changes and key appointments. The president-elect has vowed to establish the U.S. as the global hub for digital assets, including accumulating a national Bitcoin reserve. His nomination of Paul Atkins, a crypto advocate and former SEC commissioner, to lead the SEC underscores this commitment. Atkins' leadership is expected to soften regulatory hurdles and encourage innovation.
Institutional Momentum and Policy Overhauls
The crypto market has already seen significant shifts in the wake of Trump’s victory. Over $4 billion has poured into Bitcoin exchange-traded funds (ETFs) since January, breaking the SEC’s years-long resistance to such products. Institutional interest, coupled with the debut of options on BlackRock’s Bitcoin ETF, has propelled the market forward.
Crypto firms like Ripple, Kraken, and Circle are vying for influence in Trump’s proposed crypto advisory council, signaling a new era of collaboration between industry leaders and policymakers. Meanwhile, Trump’s personal ventures, including the launch of World Liberty Financial and potential acquisition of crypto trading firm Bakkt, have further galvanized investor enthusiasm.
Market Impact and Future Outlook
The ripple effect of Bitcoin's historic rise has extended to crypto-related stocks, with shares of MARA Holdings climbing 65% in November. However, skeptics remain cautious, pointing to the sector’s history of controversies, including the 2022 collapse of FTX and ongoing concerns about energy consumption and fraud.
Bitcoin's unprecedented ascent highlights the intersection of technology, politics, and finance, as digital assets edge closer to mainstream acceptance. Whether this rally will sustain or face headwinds remains a pivotal question for investors and policymakers alike.