By Michael Specter
Bitcoin Surpasses $100,000 Following Trump’s Election Win
Bitcoin recently surged past $100,000 for the first time in its history, marking a dramatic rise since Trump’s election victory. According to data from CoinDesk, Bitcoin’s price climbed from $69,374 on Election Day (November 5) to a high of $103,713 by December 4. While Bitcoin’s price briefly dropped below $103,000 on December 5, its futures saw an increase of more than 4%. The rally reflects a combination of factors, with Trump’s policies being a major catalyst.
Trump’s Shift Towards Cryptocurrency and Support for Innovation
Trump, who previously expressed skepticism about cryptocurrencies, has shown increasing support for the sector since his election win. He has voiced his commitment to making the U.S. the “crypto capital of the planet,” and in his campaign, Trump even proposed the idea of creating a “strategic reserve” of Bitcoin. Furthermore, in September 2024, he launched his own crypto platform, aiming to drive innovation and provide a regulatory framework to support the industry’s growth.
Pro-Crypto Policy and Paul Atkins’ Nomination to the SEC
A key moment that boosted Bitcoin’s surge came shortly after Trump’s announcement of his plan to nominate cryptocurrency advocate Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). Atkins is known for his support of blockchain technology and digital currencies, and his potential nomination is seen as a positive development for the crypto industry, fostering hope for less stringent regulation and more clarity for crypto investors.
Bitcoin’s Rally: A Sign of Growing Crypto Legitimacy Under Trump
Bitcoin’s rise past the $100,000 mark is viewed as a sign of growing legitimacy for the cryptocurrency market, with many attributing this trend to Trump’s pro-crypto stance. Since taking office, Trump has shifted from skepticism to championing digital currencies, and his campaign even accepted Bitcoin donations. His embrace of cryptocurrency, along with his participation in a Bitcoin conference in July 2024, has been welcomed by the crypto community, which is hopeful that his leadership will bring about positive reforms and greater recognition of the industry.
The Future of Bitcoin and Cryptocurrencies in the U.S.
Bitcoin, the largest and oldest cryptocurrency, is often seen as a potential “digital alternative” to traditional fiat currencies. Despite its volatility, cryptocurrencies like Bitcoin have gained significant traction. Trump’s victory in the 2024 election is expected to further impact the market, with the prospect of reduced regulatory hurdles and an environment conducive to innovation in the crypto space. As Bitcoin and other digital assets continue to evolve, they remain a key focus for investors and governments alike.
