Bitcoin surged to a record high of $100,000 late Wednesday after President-elect Donald Trump’s administration announced its picks for crypto-friendly policies. Paul Atkins, a crypto advocate, is expected to regulate cryptocurrency with a lighter touch than Gary Gensler, the outgoing SEC commissioner.
The announcement led to an immediate 4% increase in bitcoin price and further pushed it above $103,000 by Thursday morning. Bitcoin has gained over 130% so far this year, outperforming the S&P 500, which is up 28%.
Trump’s stance on cryptocurrency has shifted significantly since his election. He once called it “not money,” but now plans to create a “strategic national bitcoin stockpile” and hold onto seized bitcoin from criminals.
The crypto industry has heavily supported Trump, with leading super PACs donating millions to pro-crypto candidates during the election cycle. The community is now hoping for wave of pro-crypto policies under Trump’s administration, including nominations such as Atkins and Howard Lutnick.
However, not all regulators are supportive. Federal Reserve Chair Jerome Powell labels bitcoin as a “speculative asset” and says it has qualities similar to gold, which US consumers largely don’t use as payment.
Source: https://edition.cnn.com/2024/12/04/tech/bitcoin-100k-trump-hnk-intl/index.html