Cryptocurrency surges to new high after Paul Atkins is nominated to head the Securities and Exchange Commission.
Bitcoin has topped $100,000 for the first time, buoyed by United States President-elect Donald Trump’s decision to nominate a cryptocurrency advocate to lead the country’s securities regulator.
The world’s most popular cryptocurrency peaked above $103,000 on Thursday, prompting cheers from crypto enthusiasts, who have seen their holdings more than double in value this year.
“What an epic milestone,” Anthony Pompliano, a crypto enthusiast and founder and CEO of Professional Capital Management, said in a video posted on X.
“There are so many people around the world who did their homework, they thought independently and critically, and they bought this thing that no one had ever heard of before.”
“$100,000 a Bitcoin doesn’t just represent a price,” Dan Held, a well-known crypto investor and enthusiast, said on X.
“It represents that the world is gradually acknowledging Bitcoin as the reserve currency of the future. It represents a rejection of the existing financial system. It represents financial freedom.”
The latest surge comes after Trump named Paul Atkins, who is viewed as an advocate of looser regulation of digital assets, as his pick to lead the Securities and Exchange Commission.
In an announcement on Truth Social, Trump described Atkins, the CEO of Patomak Partners, as a “proven leader for common sense regulations”.
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before,” Trump said.
If confirmed by the US Senate, Atkins, who served as an SEC commissioner under former President George W Bush, would take over from Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector.
Bitcoin’s stunning growth, much of which has occurred since Trump’s November 5 election win, places the commodity among the top performing assets in 2024.
The digital currency is up more than 130 percent so far this year, far ahead of the S&P 500’s 28 percent gain.
Once a crypto-sceptic who labelled Bitcoin a “scam”, Trump emerged as an enthusiastic advocate of digital assets during his re-election campaign.
The Republican has promised to make the US “the crypto capital of the planet” and establish a “strategic national Bitcoin stockpile”, among other pledges.
In September, he announced the launch of his own crypto business, World Liberty Financial, along with his three sons.
Bitcoin, which was invented in 2008 by an unidentified person known as Satoshi Nakamoto, has been lauded by its supporters as a way to escape the control of governments and central banks.
Detractors have highlighted the commodity’s volatility and its use by criminals to avoid detection.