Bitcoin has surpassed the $100,000 mark as a huge rally in the world’s most popular cryptocurrency fueled by the election of Donald Trump continues.
The milestone comes just hours after the president-elect signaled a lighter regulatory approach for the crypto industry with his choice of Paul Atkins to be the next chairman of the Securities and Exchange Commission.
Trump said Wednesday he plans to nominate Atkins, a former SEC commissioner during the George W. Bush presidency. In the years since he left the agency, Atkins has taken a stand against too much market regulation.
Bitcoin has soared to unprecedented heights since Trump won the election on November 5. The cryptocurrency has risen dramatically from $69,374 on Election Day, rising to $101,512 on Wednesday, just two years after the cryptocurrency fell below $17,000 after Election Day. the collapse of crypto exchange FTX.
How long Bitcoin will remain above the coveted $100,000 mark is uncertain. As with everything in the volatile cryptoverse, the future is impossible to predict. And while some are optimistic about future profits, other experts continue to warn of investment risks.
Current SEC Chairman Gary Gensler, appointed by President Biden, has been aggressive in his oversight of the crypto industry. Trump spoke at the Bitcoin 2024 conference in July promised to fire Gensler if elected, prompting a standing ovation. Gensler has since said he will resign on January 20 if Trump takes office, even though his five-year term runs until 2026.
