Dec. 5 (UPI) — Bitcoin, the United States’ largest and oldest cryptocurrency, hit $100,000 for the first time Wednesday in a milestone many analysts believe was fueled by President-elect Donald Trump‘s election victory last month.
In the past month, Bitcoin has rallied more than 40%, with its latest milestone coming just hours after Trump named crypto-friendly Paul Atkins to chair the Securities and Exchange Commission.
Analysts believe Atkins’ nomination to SEC chairman is a sign that Trump plans to seat a crypto-friendly Cabinet, making it easier for cryptocurrencies to raise capital in the U.S. stock market.
“Paul is a proven leader for common sense regulations,” Trump said Wednesday. “He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before.”
Earlier this year, Trump claimed, “Crypto is the future. Let’s embrace this incredible technology and lead the world in digital economy.” He also introduced his own venture into cryptocurrency after he and his sons started crypto business World Liberty Financial.
During his campaign for president, Trump vowed to create a bitcoin national stockpile and even considered a new White House role of “crypto czar” to oversee policy.
Bitcoin’s surge over the last month is also credited to the SEC announcing that current Chair Gary Gensler would step down on Jan. 20, before Trump’s inauguration. During his time at the SEC, Gensler cracked down on crypto and added regulations.
Bitcoin’s $100,000 milestone Wednesday comes two years after its price dropped below $17,000 during the collapse of the FTX crypto exchange.
“The fall of FTX has posed tremendous harm to over 1 million users,” Rep. Maxine Waters, D-Calif., said in 2022, “many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds.”
After Trump pledged to make the United States “the crypto capital of the planet” and accepted campaign donations in cryptocurrency, Bitcoin soared from $69,374 on Election Day, according to CoinDesk, to as high as $103,713 on Wednesday.