Bitcoin made history on Thursday, breaking the $100,000 mark for the first time, after US president-elect Donald Trump nominated Paul Atkins to lead the securities and exchange commission (SEC). The cryptocurrency, which has soared more than 50% since Trump’s election victory, reached an all-time high of $103,800.45 during Asian trading hours before stabilising around $101,000.
In a post on his Truth Social platform, Trump celebrated the rally, writing: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” The former president has recently become a vocal proponent of digital currencies, a significant shift from his earlier stance branding them a “scam.”
Atkins, a known cryptocurrency advocate, who has been co-chairman of the digital chamber of commerce since 2017, is seen as a supporter of deregulation in the sector.
“Paul is a proven leader for common-sense regulations,” Trump said in a statement, adding that Atkins’ appointment aligns with his vision to make the US the “bitcoin and cryptocurrency capital of the world.”
Trump added, “He also recognises that digital assets and other innovations are crucial to making America greater than ever before.”
Atkins’ nomination is expected to signal a regulatory shift favouring innovation, boosting investor confidence in digital assets.
Atkins replaced Gary Gensler, who oversaw increased regulation of the sector. This year, however, the SEC did authorised two new cryptocurrency-related financial products for trading.
Matt Britzman, a senior analyst at Hargreaves Lansdown, mentioned, “Institutional interest and regulatory shifts are adding legitimacy, turning what once seemed like a fringe asset into a force reshaping finance.” He added, “Love it or doubt it, bitcoin’s climb is rewriting the rule book for digital assets.”
Trump, who previously called cryptocurrencies a “scam,” launched his own digital currency platform, World Liberty Financial, in September. He has also aligned himself with Elon Musk, a cryptocurrency supporter. Musk reacted to Bitcoin’s milestone on X, writing, “Wow”. The incoming administration is anticipated to create a US bitcoin reserve using seized tokens.
