Bitcoin Storms Above 100 000

Bitcoin catapulted above 100 000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for digital assets as investors bet on a friendly US administration to cement the place of cryptocurrencies in financial markets.

Once it broke 100,000 in Thursdays Asian morning, boosted by US President-elect Trumps nomination of pro-crypto Paul Atkins to run the Securities and Exchange Commission, it was soon at an all-time high of 103 619. It was last fetching 102 675, up about 5 on the day.

The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over 3.8 trillion, according to data provider CoinGecko. By comparison, Apple is worth about 3.7 trillion.

Bitcoins march from the libertarian fringe to Wall Street has minted millionaires, a new asset class and popularised the concept of decentralised finance in a volatile and often controversial period since its creation 16 years ago.

Bitcoin has more than doubled in value this year and is up more than 50 in the four weeks since Donald Trumps sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.