Bitcoin has officially hit a new all-time high, surpassing the $100,000 mark for the first time ever. This historic milestone comes after a surge in the cryptocurrency's price following Donald Trump's victory in the 2024 U.S. presidential election.
According to the data, Bitcoin was trading around $69,000 on Election Day, but then spiked to $75,000 after Trump's win was announced. The price has continued climbing since then, reaching $103,359 as of the time of writing.
Investors are betting on a more crypto-friendly environment under the new Trump administration. The president-elect has promised to hold onto the Bitcoin owned by the federal government and has vowed to fire current Securities and Exchange Commission chair Gary Gensler, who has taken a tough stance on regulating cryptocurrency firms.
Trump has also nominated former SEC commissioner Paul Atkins, who has experience in the digital asset space, to lead the agency. Atkins has served as co-chair of the Chamber of Digital Commerce's Token Alliance, signaling that he recognizes the importance of cryptocurrencies and blockchain technology.
Other factors contributing to Bitcoin's surge include the launch of options trading on Blackrock's new Bitcoin exchange-traded fund, which saw $1.9 billion traded during its first day.
While Bitcoin has reached new heights, it is still being measured in traditional fiat currency like the U.S. dollar, rather than emerging as a true replacement. However, the cryptocurrency's continued growth and increasing mainstream adoption suggest it is becoming a more viable alternative payment method and investment asset.
Overall, the $100,000 milestone represents a significant milestone for Bitcoin and the broader crypto industry. With a more crypto-friendly administration in the White House, the stage is set for continued growth and innovation in the digital asset space.
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