Bitcoin Finally Crosses 100,000 As Trump Picks Crypto Advocate Paul Atkins To Head The Sec
Bitcoin, the flagship cryptocurrency, has crossed the 100,000 mark for the first time in history. According to TradingView data, Bitcoin BTC reached a new all-time high of 104,000, just 90 minutes after surpassing the six-figure milestone.
Bitcoins remarkable rise in 2024 is driven by factors such as the demand for spot Bitcoin ETFs, the April halving event that reduced its supply, Donald Trumps U.S. election victory in November, and increasing corporate adoption, particularly led by Michael Saylors MicroStrategy.
Since the start of 2024, Bitcoins value has risen by 126, from 44,000 to over 100,000. With this increase, Bitcoin's market capitalization also reached a new record of 2 trillion.
However, this rally pales in comparison to Bitcoins meteoric rise in 2017, when its price soared from 1,000 in January to 20,000 by December, a staggering 1,900 increase.
Bitcoin ETFs have also seen significant growth, with over 31 billion in net inflows since their launch in the U.S. The halving event, which reduced Bitcoin's reward from 6.25 BTC to 3.125 BTC, made the digital asset more scarce, driving up demand.
One of the key catalysts for Bitcoins recent rally is Donald Trump. During his first term, Trump called Bitcoin a "scam," but he has since reversed his stance and emerged as one of the cryptocurrency industrys most vocal advocates. He has promised to introduce crypto-friendly policies, appoint pro-crypto figures to key positions, and establish a strategic Bitcoin reserve to support the weakening dollar.
Trump also nominated Paul Atkins, a former SEC commissioner and crypto advocate, to replace Gary Gensler as SEC chair. Gensler, known for his tough stance on crypto, will step down in January 2025, coinciding with Trumps inauguration as the 47th President of the United States. Trump praised Atkins as a "proven leader for common-sense regulations," emphasizing his recognition of the importance of digital assets in strengthening the economy.
