Bitcoin surpassed the $100,000 mark for the first time on Thursday, fueled by optimism surrounding President-elect Donald Trump’s pro-cryptocurrency agenda. The digital asset has more than doubled in value this year, gaining 45% in the four weeks since Trump’s decisive election victory, which also ushered in several pro-crypto lawmakers into Congress.
As of 0240 GMT, Bitcoin was trading at $100,027, with a session high of $100,277.
“A New Era for Digital Assets”
“We’re witnessing a paradigm shift. After four years of uncertainty, Bitcoin and the broader digital asset ecosystem are on the brink of mainstream financial acceptance,” said Mike Novogratz, CEO of Galaxy Digital. He attributed the surge to growing institutional interest, advancements in tokenization, and clearer regulatory guidance.
A Symbolic Milestone
“Crossing $100,000 is more than just a financial milestone—it reflects changing dynamics in finance, technology, and geopolitics,” said Justin D’Anethan, an independent crypto analyst based in Hong Kong.
Trump’s Crypto Vision
During his campaign, Trump pledged to make the U.S. the “crypto capital of the planet” and announced plans to build a national Bitcoin reserve. His administration is expected to ease regulatory scrutiny on the industry, a sharp contrast to the approach taken by outgoing SEC Chair Gary Gensler, who will step down in January.
Trump has nominated Paul Atkins, a former SEC commissioner and co-chair of the Token Alliance, to head the SEC. Atkins has been an advocate for clear crypto regulations and best practices for digital asset platforms.
A Rush for Influence
Major crypto companies like Ripple, Kraken, and Circle are vying for positions on Trump’s proposed crypto advisory council, which aims to reshape U.S. digital asset policies.
Trump’s own business ventures also show interest in the sector. In September, he launched a new crypto company, World Liberty Financial, and is reportedly in talks to acquire the crypto trading platform Bakkt through his media company, Trump Media and Technology Group, which operates Truth Social.
Market Momentum
Bitcoin’s rapid rise from a low of $16,000 in late 2022 has been bolstered by the approval of U.S.-listed Bitcoin exchange-traded funds (ETFs), which have attracted over $4 billion in investments since the election.
“The market was stagnant for months, but after November 5, U.S. investors returned in full force,” said Joe McCann, CEO of Miami-based digital assets hedge fund Asymmetric.
BlackRock’s Bitcoin ETF also saw a strong debut in November, with call options—bets on further price increases—outnumbering puts by a ratio of 22 to 1.
Crypto Stocks Rally
Shares of crypto-related companies have soared alongside Bitcoin’s rise, with MARA Holdings, a leading Bitcoin mining firm, gaining 65% in November alone.
Challenges Ahead
Despite the optimism, critics remain cautious. The industry is still reeling from the 2022 collapse of FTX and the imprisonment of its founder, Sam Bankman-Fried. Concerns over energy consumption and crypto-related crime also persist.
Market analysts are closely watching Bitcoin’s next moves. “We may see some profit-taking now that $100,000 has been breached,” said Steven McClurg, founder of Canary Capital. “But once those sell orders clear, the price could surge again, potentially reaching $120,000 by Christmas.”
