Bitcoin surpassed $100,000 for the first time on Wednesday, rallying on President-elect Donald Trump’s choice of crypto advocate Paul Atkins to head the Securities and Exchange Commission.
The cryptocurrency hit the milestone shortly after Trump announced Atkins, a former SEC commissioner, as his nominee to replace current chairman Gary Gensler, who is expected to step down on Inauguration Day.
The latest surge extends a rally that began when Trump secured his electoral victory on November 6, which triggered a $6,000 single-day price jump to $74,000. Bitcoin has gained 130% this year, significantly outperforming the S&P 500’s 28% rise.
Trump’s embrace of cryptocurrency marks a dramatic shift from his previous stance when he dismissed Bitcoin as “highly volatile and based on thin air.” His campaign has actively courted younger male voters, who represent a key cryptocurrency-holding demographic.
The president-elect’s crypto agenda includes plans for a “strategic national bitcoin stockpile” and a policy shift to retain rather than auction cryptocurrency seized in criminal cases. “If crypto is going to define the future, I want it to be mined, minted and made in the USA,” Trump said at a Nashville crypto convention in July.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
