Bitcoin soared past $100,000 for the first time on Thursday, marking a milestone in its journey to mainstream adoption. This surge follows US President-elect Trump’s nomination of crypto advocate Paul Atkins to head the SEC, sparking optimism for a crypto-friendly regulatory environment. Bitcoin peaked at $103,649 before settling at $98,803, driving the total cryptocurrency market to a record $3.8 trillion, surpassing Apple’s $3.7 trillion market cap.
The digital asset has more than doubled in 2024, buoyed by institutional investments, tokenization advancements, and the approval of US-listed Bitcoin ETFs, which have attracted over $4 billion since Trump’s election victory. Institutional players now hold 3% of Bitcoin’s total supply, signaling growing legitimacy in financial markets.
Trump, once a crypto skeptic, embraced Bitcoin during his campaign, promising to make the US a global crypto leader. He launched “World Liberty Financial” and nominated Atkins, co-chair of the Token Alliance, to foster innovation in digital assets. Major firms like Ripple and Circle vie for influence in Trump’s proposed crypto advisory council.
Bitcoin’s resilience has been evident since its lows of $16,000 during the FTX collapse in 2022. Analysts note its adoption by corporations, ETFs, and nations is stabilizing volatility. Still, concerns linger over its energy use and association with illicit activities, highlighted by recent US-UK actions against a cryptocurrency-enabled money-laundering ring.
While critics debate Bitcoin’s speculative nature, its integration into mainstream finance is undeniable. “We’re witnessing a paradigm shift,” said Mike Novogratz of Galaxy Digital, as Bitcoin cements its role in the evolving financial landscape.